BioCentury
ARTICLE | Company News

Avexa discontinues apricitabine

May 12, 2010 12:25 AM UTC

Avexa Ltd. (ASX:AVX) plans to reduce headcount and pursue strategic alternatives after discontinuing development of HIV candidate apricitabine. Avexa said it was unable to find a partner for the cytidine analog nucleoside reverse transcriptase inhibitor (NRTI), which was in Phase III testing. The company said strategic alternatives could include a merger, acquisition, in-licensing opportunities and other corporate initiatives. The headcount reduction will affect all areas of the company, including discovery, clinical and executive staff. Julian Chick resigned from the board and will step down as CEO on May 31.

At March 31, Avexa had about A$26.6 million ($23.6 million) in net cash and nine-month negative net operating cash flow of A$13.1 million ($11.6 million). The company expects to have about A$23 million ($20.4 million) in cash at June 30. ...