Axys drug discovery news
AXPH announced organizational changes resulting from the integration of Arris Pharmaceutical Corp. and Sequana Therapeutics Inc., which merged last November to form AXPH. The company expects to realize $3-$5 million in annual savings in administration and operations by eliminating redundant activities. Also, the company's NemaPharm Inc. subsidiary will relocate to South San Francisco from Cambridge, Mass., to combine NemaPharm's functional genomics programs with AXPH's combinatorial chemistry and high-throughput screening activities. Finally, AXPH liquidated its equity holdings in Aurora Bioscience Corp. (ABSC, San Diego, Calif.) through the sale of 600,000 ABSC shares for net proceeds of $6.6 million, representing roughly 4.3 percent of ABSC's 14.03 million shares outstanding as of Dec. 31, 1997. ...