Uppsala – Orexo AB has announced a bold new strategy. The company listed on the Stockholm stock exchange intends to develop and commercialise its own products from now on rather than out-licensing them to international partners. As part of the strategy, Orexo is searching for a new CEO with broad international commercial experience to replace Torbjoern Bjerke. To execute the new strategy, Orexo is also planning to build or acquire an internal sales organisation to market its products.
The Swedish firm will focus on the development of three internal programmes using the company’s sublingual tablet formulation technologies. Currently, Orexo’s most advanced product is OX219, a reformulation of buprenorphine and naloxone in Phase I testing to treat opioid addiction. Data from the trial are expected in Q3/2010.
Further development of other unpartnered programmes will be discontinued. Orexo partnered with ProStrakan Group plc to develop the cancer pain drug Abstral fentanyl, which is marketed in Europe but still under review in the US. Orexo said its largest shareholders – HealthCap and Novo A/S – intend to recommend the nomination of Bjerke as a non-executive director.