Genaera said it will reduce its workforce by approximately 30% over the next three months. The company had already announced job cuts in January after terminating the development of Evizon, its treatment for wet age-related macular degeneration.
In this new strategy the development of the obesity drug trodusquemine, along with Genaera's partnership with MedImmune on the development of anti-interleukin-9 (IL9) antibody for the treatment of asthma, will form the cornerstone of Genaera's research activities over the next year.
According to Genaera, trodusquemine produces consistent, sustainable weight loss in a variety of animal models. Genaera expects to initiate a phase I study of trodusquemine by the end of the second quarter of 2007. The anti-IL9 antibody is currently in phase II for the treatment of asthma. Data from studies in preclinical models of asthma suggest that IL9 neutralizing monoclonal antibodies may help reduce airway hyper-reactivity, mucous production and inflammation.
The company estimates that it will incur restructuring charges of approximately $0.5 million in the second and third quarters of 2007 associated with the reduction in force.