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.Ambrilia Biopharma, a Canadian biopharmaceutical company, has elected to prioritize its divestment strategy of monetizing its clinical assets C2L and goserelin before the end of 2008 along with cost-cutting actions which result in a hold on its antiviral R&D activities, significant reduction in cash consumption and a 33% decrease in headcount.
Subscribe to our email newsletter
The cost-cutting actions include a 33% decrease in headcount, from 43 to 29 employees, in the basic research and preclinical team and administrative support functions. Some outsourcing and consultant expenses related to the hold on virology R&D activities were also cut. These measures are expected to decrease the company’s monthly cash burn by approximately $0.4 million.
Philippe Calais, president and CEO of Ambrilia, said: “This was a tough decision but Ambrilia having less than 12 months of cash in a difficult market environment, immediate action was required in order to extend its cash further into 2009 while concentrating only on the monetization of the oncology assets.
“At the moment, we believe the divestment strategy offers the best probability of success for the company and more importantly, the potential to generate non-dilutive R&D funding and extend the runway to financing. When fully executed, Ambrilia will be in a position to better assess various strategic options for its antivirals portfolio. We are moving closer to reaching our strategic goal for octreotide C2L and goserelin which is to conclude an agreement with the best acquirer or licensing partner by the end of 2008.”