ARTICLE | Company News

Capstone Therapeutics dermatology, pulmonary news

January 30, 2012 8:00 AM UTC

Capstone said it will cease development of its two compounds, AZX100 and TP508, to preserve cash and move towards winding down operations since it has not yet found a partner for AZX100. The company also reduced the size of its board to three from six. Last October, the company said it would reduce headcount by 14 (78%) to four to save cash while it searches for a partner for AZX100. Capstone said it will operate "virtually" by maintaining required regulatory and financial functions (see BioCentury, Oct. 24, 2011).

AZX100, a synthetic 24-amino acid peptide analog of heat shock protein 20 (Hsp20), is in Phase II testing to prevent scarring after arthroscopic shoulder surgery. The company also completed a preclinical trial of AZX100 to treat pulmonary fibrosis. Capstone has exclusive rights to AZX100 from AzERx Inc. (Phoenix, Ariz.). Capstone, which has exclusive rights to TP508 from the University of Texas Medical Branch (Galveston, Texas), said it will return all rights to the compound to the university. TP508 is a 23-amino acid synthetic peptide portion of the receptor-binding domain of human thrombin in Phase II testing to treat diabetic foot ulcers (see BioCentury, March 6, 2006). ...