Ark cancer, cardiovascular, gene/cell therapy news
Ark will restructure and reduce headcount by an undisclosed amount to focus on and seek partners for its vascular endothelial growth factor D (VEGF-D) programs for refractory angina and peripheral vascular disease, as well as its preclinical neuropilin 1 (NRP1) antagonist and fetal growth restriction programs. The company expects at least one of the projects to be partnered next year. Ark said it will also focus on generating revenue from its technology systems and process development and scale-up capabilities in Kuopio, Finland.
Ark expects the restructuring to provide sufficient funds to support the business into 2013. At June 30, the company had £4.5 million ($6.9 million) in cash and a six-month operating loss of £10.2 million ($15.7 million). Ark had a 2009 operating loss of £21.8 million ($33.6 million). Andrew Christie also will step down as chairman. He will be replaced by Iain Ross, who joined the company in July to assist in the strategic review (see BioCentury, July 19). ...