MOST ALCHEMIA PROJECTS ON HOLD
November 2nd 2008 06:38
Thursday October 30, 2008
Daily news on ASX-listed biotechnology companies
* ASX, BIOTECHS UP: PHOSPHAGENICS UP 8%, CHEMGENEX DOWN 13.5%
* MOST ALCHEMIA PROJECTS ON HOLD
* WHITE KNIGHT LETTERED MANAGEMENT SAVES NORWOOD ABBEY
* JAPAN PROTECTS STARPHARMA’S VIVAGEL, COATED CONDOMS
* FLUOROTECHNICS CLOSES 1st TRADING DAY EVEN AT $1
* CATHRX APPLIES FOR CE MARK FOR EXPANDED PRODUCT RANGE
* COLLABORATION EVALUATES OBJ’S TRANSDERMAL PLATFORM
* SUNSHINE HEART APPOINTS NICHOLAS CALLINAN
* CELLESTIS RELEASED FROM QUARTERLY REPORTS
* UNILIFE VOTES ON 10m CEO OPTIONS
* SOLAGRAN VOTES ON 37m SHARES, 10m DIRECTORS’ OPTIONS
To read all these articles in full, subscribe to Biotech Daily at the link above or at www.biotechdaily.com.au
ALCHEMIA
Alchemia chief executive officer Dr Pete Smith says that despite the 60 percent cutback to staff most programs will continue or be put on hold.
Dr Smith told Biotech Daily that the decision to terminate employment contracts of so many key staff was a difficult and distressing one, but the company had no alternative.
Alchemia announced the cutbacks on Tuesday (see Biotech Daily; October 28, 2008).
Dr Smith said that the versatile assembly on a sugar template (Vast) program would be completed.
He said the universal library for screening targets against molecules was “80 percent complete” and the company would enter into agreements with the existing molecules.
Dr Smith said the company had 16,000 compounds, against which companies could screen their selected targets.
He said Alchemia’s opioid program had shown promise and at a cost of about $100,000 a year was worth pursuing.
He said the main short term revenue generator, the synthetic heparin program had “very little to spend” and was expected to be approved by the US Food and Drug Administration by December 2009.
He said the oncology assets were very important to the company and would require money or partnering to be continued and were on hold.
“If the taps were to reopen we could resume work,” Dr Smith said.
“There will be no further internal development, but partnerships will be sought,” Dr Smith said.
Alchemia climbed half a cent or 3.23 percent to 16 cents.
To read all these articles in full, subscribe to Biotech Daily at the link above or at www.biotechdaily.com.au
| 18 |
| Vote |
Add To: 
subscribe to this blog