BioCentury
ARTICLE | Company News

Paion cardiovascular, neurology news

March 19, 2012 7:00 AM UTC

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. ...