Monday, September 21, 1998
Cortecs (LSE:CCS;DLVRY), has unveiled some details of how it hopes to recover from the market's crisis in confidence in the stock. Speaking at the company's preliminary results meeting last week, acting CEO Michael Flynn revealed that CCS intends to reduce its burn rate by focusing on fewer products and spinning out business and technologies. The company helicopter, which has featured in CCS's acrimonious dispute with former CEO Glen Travers, is also up for sale (see BioCentury, June 15).
Flynn said the company has too much to handle in its portfolio and needs to deliver some of the value of past R&D. Technologies and products that have been earmarked to be licensed out or sold include: Halo, a liver by-pass system in Phase I trials; Oncholab, a system for targeting anticancer drugs which is in Phase I/II trials; ADEPT, an enzyme extracted from pineapples to treat or prevent infectious diarrhea in Phase I trials; and Entrotec, a method for reducing the metabolism of drugs in the liver, also in Phase I.