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.

Politics / Law

23.03.2012

Brussels/Strasbourg – Health claims are set to be drastically limited in the EU. On Wednesday 21 March the Environment Committee of the European Parliament confirmed a proposal of the European Commission to prohibit 1,600 health...

Politics / Law

15.03.2012

Parma/Stockholm – Foodborne bacteria such as Salmonella and Campylobacter are becoming more and more resistant to antimicrobial drugs, according to a joint report published by the European food watchdog EFSA and the European...

BioFunding

09.03.2012

In mid-February, scientists and entrepreneurs from nine EU countries met at the Center for Genomic Regulation (CRG) in Barcelona to launch the 4DCellFate project. Positioned within the FP7 Programme, the consortium will receive...

BioFunding

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Brussels – The EU’s Innovative Medicines Initiative (IMI) will establish the European Lead Factory, an EU-wide public-private partnership aiming to facilitate drug discovery efforts. The Lead Factory will comprise a...

Editorial

07.03.2012

T    he societal and economic challenges facing Europe and the world are complex and interconnected. The Bioeconomy Strategy and Action Plan “Innovating for Sustainable Growth: a Bioeconomy for Europe”, which was adopted by the...

Tech Review

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Intellectual Property (IP) is without question one of the most vital aspects of any bio­tech venture, a key and undisputed factor for success. However, most bio­tech companies are still incapable of unlocking the value of their...

Clinical Trial

07.03.2012

Schlieren – Swiss Cytos Biotechnology Ltd. has been authorised to restructure a convertible bond by Canton of Zurich authorities. The company does not have enough cash to pay it back. Negotiations with bond holders failed in a...

Clinical Trial

06.03.2012

Munich – German 4SC AG jumped 39% to €2.05/share after oncology drug candidate resminostat met the primary endpoint of at least a 20% progression-free survival rate in a Phase II trial to treat patients with hepatocellular...

Editorial

06.03.2012

The start of 2012 witnessed the tides turning in favour of small and mid-cap names in the European Life Sciences sector. Major global biotechnology indices like the NBI, BTK, and BIOTK are up over 15% year to date. The pace of...

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No liability assumed, Date: 29.09.2014


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