BioCentury
ARTICLE | Company News

Migenix infectious, dermatology news

June 2, 2008 7:00 AM UTC

Migenix restructured and reduced headcount by 34 (18%) to 28 to enable the company to operate into 2009. The cuts were mostly in the R&D division. The company also reduced the number of directors from 10 to 7. In exchange for stock options, the six remaining non-executive directors will take a 50% reduction in cash compensation and the CEO, CBO, CSO and CFO will take an average 31% reduction in salary. The company also will terminate the planned 600 mg arm in an ongoing Phase II trial of celgosivir to treat HCV. The company expects 400 mg data from the trial next quarter. Migenix acquired global rights to the alpha glucosidase I inhibitor from Virogen Ltd. (London, U.K.) in 2004.

Migenix said the moves would enable it to operate through the release of Phase III data for Omigard, an omiganan 1% gel to prevent catheter-related infections, which are expected next half. The company also hopes to advance MX-2401, a lipopeptide antibiotic, into Phase I testing to treat pneumonia in late 2009. Omigard is being co-developed in North America and Europe with Cadence Pharmaceuticals Inc. (NASDAQ:CADX, San Diego, Calif.). ...