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news.Proteome Systems has announced that it will cease active efforts to develop and commercialize a therapeutic compound portfolio acquired through the company's 2005 merger with Eukarion.
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Research will continue via funding from the US government but operations in Proteome Systems’s (PXL) Boston office will be closed within the next three months. PXL will retain full rights to the portfolio of assets which are anti-oxidant compounds for dermatological and neurological indications and will continue to consider out-licensing opportunities.
According to the company, the closure of US operations will result in savings of $550,000 per annum which will start to be realized from February 2009.
Jenny Harry, CEO of Proteome Systems, said: “Since my appointment as CEO, the management team has been dedicated to harnessing PXL’s expertise in biomarker discovery and development to produce a pipeline of diagnostic products based on the company’s proprietary platform. Simply put, the Eukarion portfolio no longer fits with our corporate development strategy.”