Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Akesis Pharmaceuticals, an early stage biopharmaceutical company has discontinued its sole clinical development program for AKP-020, a Phase IIa drug candidate for the treatment of diabetes mellitus.
Subscribe to our email newsletter
After analyzing the data from the three-month preclinical safety program, the company has decided to discontinue the diabetes program and not pursue further regulatory submissions for this indication.
As a result of the discontinuation of the AKP-020 program, the company has also announced its intent to voluntarily file a bankruptcy petition under Chapter 7 of the US Bankruptcy Code.
Carl LeBel, president and CEO of Akesis, said: “Based on the renal changes resulting from the doses used in our preclinical safety program, the company and its advisors have determined that the safety profile of AKP-020 makes it no longer viable as a drug candidate in a chronic disease setting.
“Based on the discontinuation of our sole clinical development program, our cash position and current economic conditions, we have determined that we can no longer operate as a business enterprise.”