SwedenSweden

30% headcount reduction - Orexo restructures

08.03.2012

Stockholm – Swedish drug delivery specialist Orexo AB has announced the intention to cut its headcount by 30% in order to reduce the company's burn rate. The personnel reduction by 35 people is expected to lower the costs by a total of SEK30 million annually. Negotiations with trade union representatives will commence immediately. The reduction in personnel is expected to be completed during the second quarter of 2012. The company will focus all of its efforts on the three development programmes OX219, OX51 and OX27. The two last are fast-acting sublingual non-specified formulations of existing treatments in phase II to treat pain or cancer respectively. OX219 is a new, patentable drug in phase III for the treatment of various forms of opioid dependence. The active substance in OX219 isbuprenorphine. Orexo has already brought the fast-acting fentanyl Abstral to market. The compound treats cancer pain and is licensed to ProStrakan plc. Although the Abstral revenue share rose by more than 50% up to SEK70.5 million, the company faces losses of almost SEK400 million after tax, approximately four times the amount in 2010. At the end of 2011, Orexo had SEK247 million in cash. Last year, pharma partner Jannsen Pharmaceuticals Inc. cancelled a project, forcing Orexo to give up the projects OX-CLI and OX-ESI.

SwedenSweden

01.10.2011

Uppsala/Basel – Swedish life science initiative Uppsala BIO is set to team up with drugmaker Hoffman-La Roche AG. For the next three years, the cluster will become the ninth member – and the first from Europe – of the Swiss...

SwedenSweden

01.10.2011

Uppsala – Backed by strong clinical research, the development of Orexo AB’s drug candidate OX219 for treatment of opioid dependence is gathering momentum. A clinical Phase I study was carried out to decide the commercial...

SwedenSweden

20.08.2011

Petach Tikva/Lund – Active Biotech AB suffered a severe setback in the development of its oral multiple sclerosis drug laquinimod. Together with ally Teva (Israel), the Swedish drugmaker announced that the substance failed in...

SwedenSweden

08.08.2011

Lund - Researchers from Lund University may have found a viable alternative to animal testing. In an article in the open access journal BMC Genomics (August 2011) they demonstrated that the response of laboratory grown human...

SwedenSweden

04.08.2011

Uppsala - After good interim results Oasmia wastes no time and starts the approval process for its ovarian cancer drug Paclical. The interim analysis, based on data from approximately 400 patients, showed the expected efficacy of...

SwedenSweden

02.08.2011

Petach Tikva/Lund - Active Biotech's experimental multiple sclerosis drug laquinimod failed in a phase III-trial. This is a major setback for the Swedish drug maker and its ally Teva Pharmaceutical Industries from Israel. Both...

SwedenSweden

30.06.2011

Huddinge, Sweden - Medivir cashes in on Medivir. For EUR 31m the Swedishspecialty pharma company sold all North American remaining rights forXerese, a drug against cold sores (herpes labialis), to Swedish Meda. InFebruary 2010,...

SwedenSweden

15.06.2011

Uppsala/Tokyo – Orexo AB’s cancer pain treatment Abstral has reached the Canadian drug market. The Swedish drugmaker confirmed yesterday that Paladin Labs Inc have launched marketing of the sublingual formulation of fentanyl in...

SwedenSweden

12.06.2011

Stockholm – Swedish investor Karolinska Development AB outperformed its own expectations in its Initial Public Offering on the Nasdaq OMX Stockholm. The company sold 15.2 million shares at SEK40 during the offering, raising a...

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