NeuroSearch neurology news
NeuroSearch will cut the majority of its remaining workforce to 3-6 employees as it anticipates completing the transfer of Huntexil pridopidine to Teva Pharmaceutical Industries Ltd. (NYSE:TEVA, Petah Tikva, Israel) by the end of April. NeuroSearch said the transfer will result in a "significant reduction" in its activity level. At Dec. 31, 2012, the company had 29 employees. In September, NeuroSearch sold Teva rights to Huntington's disease compound Huntexil for DKK150 million ($26.1 million) up front, plus a potential DKK55 million ($9.6 million) in regulatory and commercial milestones. NeuroSearch agreed to transfer the project to Teva over a six-month period starting Oct. 25, 2012. The company said at this time, it is "neither possible to provide more information on the time horizon nor on the possible size" of a payment to shareholders following a potential liquidation. The company is also in discussions with several companies on a possible merger, or similar deal. At Dec. 31, 2012, NeuroSearch had DKK81 million ($14.3 million) in cash and a 12-month operating loss of DKK289.9 million ($51.3 million). The company could not be reached for details (see BioCentury, Oct. 1, 2012). ...