The plans have resulted from a strategic program review by the company’s management and board of directors and are part of a move to adopt a more focused company strategy.
This will include discontinuing operations in China, with the sale of certain Shanghai-based assets, and may involve postponing phase I clinical trials for Altachem’s lead product, ACP-HIP, in Kaposi’s sarcoma while the company resolves manufacturing problems for this product.
Altachem’s other AIDS project, AntiCort, is under development by a US-based licensor and the company intends to work with the licensor to finalize a strategy for the product’s next stages of development.
“I am pleased that the board has endorsed a strategy of focus on drug development” commented Dr David Cox, newly-appointed president and CEO. “Henceforth we will concentrate Altachem’s resources on building an oncology franchise and pipeline from the Sonolight and CDK technologies, while unlocking maximum value for our shareholders by divesting non-core products and programs.”