Pharmaceuticals Announces Intent to Focus on Oncology Portfolio
Lake City -- June 8, 2010 (GlobeNewswire via Comtex) -- Myriad
Pharmaceuticals, Inc. (MYRX 3.85, +0.03, +0.79%) today announced
several strategic initiatives to focus the Company's efforts
on its oncology pipeline and to conserve its financial resources
to extend the Company's projected cash runway beyond 2013.
Company's initiatives include: the expansion of the Azixa clinical
program to include a two-armed temozolomide combination study
for the treatment of glioblastoma multiforme; the further advancement
of the Company's orally bioavailable Hsp90 inhibitor, MPC-3100;
the designation of MPC-9528, an exciting novel Nampt inhibitor,
as an IND-candidate; the suspension of its HIV maturation program
for strategic, business reasons; and a reduction in workforce.
The Company will continue to aggressively seek partners for
all of its pre-clinical and clinical programs. The Company has
reduced its headcount by 21 employees, which when combined with
attrition results in a total reduction of 30 employees since
July 1, 2009. Among the employees who are leaving the Company
are the commercial operations team and two Company officers,
Dr. Ed Swabb, SVP Development and Barbara Berry, VP Human Resources.
the last six years Myriad Pharmaceuticals has generated a deep
pipeline of oncology assets. After conducting an exhaustive
review of our development portfolio and business operations,
we have decided to refocus our clinical efforts on oncology,
where we believe we can maximize the return on our investments,"
stated Adrian Hobden, PhD, CEO of Myriad Pharmaceuticals. "Both
MPC-4326 and the novel, pre-clinical maturation inhibitor, MPI-0461359,
have demonstrated promising safety and efficacy profiles. However,
we have decided to suspend further development of these HIV
compounds and will seek to partner these compounds as we apply
our human and financial resources to our cancer programs."
regret that we are having to lose dedicated employees but these
actions are in the best long-term interest of the Company. I
sincerely thank all of the employees who have each made significant
contributions to the Company, particularly those affected by
this restructuring," concluded Dr. Hobden.
of March 31, 2010, the Company had $148.4 million in cash, cash
equivalents and marketable securities. The Company subsequently
received a payment of $12.7 million from Javelin Pharmaceuticals,
Inc. pursuant to the termination of the merger agreement between
the companies, approximately $8.3 million of which represented
all amounts owed to the Company by Javelin under a loan and
security agreement that had been entere d into in connection
with the proposed merger. In connection with th e current reduction
if force, the Company expects to incur a one-time charge of
approximately $1.2 million in severance obligations.
proactive operational restructuring, allows us to focus our
substantial resources to advance our portfolio of exciting oncology
candidates," commented Robert Lollini, CFO of Myriad Pharmaceuticals.
"In addition, we can continue to draw from the proven productivity
of our of internal drug discovery team, whose efforts have generated
our current oncology candidate s, to enable us to have a renewable
source of drug development candidates for both partnering and
for our own proprietary development."
full release, which further describes the company's cancer candidates,
is available at www.marketwatch.com/story/myriad-pharmaceuticals-announces-intent-to-focus-on-oncology-portfolio-2010-06-08.