Paion cardiovascular, neurology news
Paion also said it has not identified a partner for pain product M6G. The biotech noted its chances of partnering it are "considerably lower than expected in the past" and will result in an impairment charge of €6.1 million ($7.9 million) recorded in its 2011 financial earnings. The morphine-6-glucoronide (M6G) metabolite of morphine completed two Phase III trials for postoperative pain.
Paion said CFO Bernhard Hofer will step down from the management board at the end of the quarter and VP of Finance Abdelghani Omari will assume Hofer's responsibilities below executive board level. Board members Dres Mariola and Wolfang Soehngen volunteered to reduce their base salary to 60% as of December 2011 and other supervisory board members will reduce their fix compensation to 50%. ...