Agennix cancer news

Agennix unveiled details of a restructuring announced last month, including headcount cuts of 37 (55%) to 30. Cuts will come from U.S. and Germany sites, and remaining employees will work on activities related to Agennix's talactoferrin program and assist in assessing strategic options. The restructuring, which Agennix expects to complete in November, will result in a shutdown of the company's site in Houston, Texas. Last month, the company said it would restructure after reporting twice-daily 1.5 g oral talactoferrin missed the primary endpoint of median overall survival vs. placebo in the double-blind, international Phase III FORTIS-M trial in 742 stage IIIb/IV non-small cell lung cancer (NSCLC) patients who have failed two or more prior therapies. Based on the data, Agennix said it would also discontinue the Phase III FORTIS-C trial of talactoferrin as first-line treatment for NSCLC. Talactoferrin, a recombinant human lactoferrin (rhLF), has Fast Track and Orphan Drug designations in the U.S. for NSCLC (see BioCentury, Aug. 13).

At June 30, Agennix had €15.8 million ($19.8 million) in cash and cash equivalents, and a six-month net cash burn of €21.5 million ($26.9 million). The company said it has sufficient cash to fund operations into 1Q13. Agennix declined to provide details on the expected annual savings for the restructuring. ...