Paion cardiovascular, neurology news
Paion issued an update for its ongoing restructuring will now reduce headcount to 11 employees. Late last year, Paion said it would reduce headcount by 19 (70%) to eight to reduce costs and focus on its core business, including out-licensing remimazolam, a GABA A receptor modulator in Phase IIb testing for sedation. Ono Pharmaceutical Co. Ltd. (Tokyo:4528; Osaka:4528, Osaka, Japan) has Japanese rights to remimazolam. The company said it reduced the cuts after granting partner H. Lundbeck A/S (CSE:LUN, Copenhagen, Denmark) all remaining rights and IP relating to stroke candidate desmoteplase (DPSA) last month. Paion received €20.1 million ($26.4 million) in cash. As a result of the company's improved financial position, the company said it will continue its ongoing Phase Ib trial of solulin to treat hemophilia A without third-party funding. The company expects data from the trial next half. Solulin is a recombinant soluble derivative of human thrombomodulin (see BioCentury, Jan. 2).
Additionally, the company said there are no development activities for M6G and that a partner for the program could not be identified in 2011. The company will maintain IP rights to be able to reactivate the program. The morphine-6-glucoronide (M6G) metabolite of morphine completed two Phase III trials for postoperative pain. ...