Viprinex was recently studied in a clinical trial to determine whether it was effective in improving patient outcome when given within six hours of a stroke, but the trial was halted for futility following an interim analysis.
The company has also announced that it is reducing its workforce substantially, paring down to the minimum necessary to carry out operations and complete contractual obligations. Neurobiological Technologies is terminating a majority of its employees, with additional employee terminations planned for February and March 2009.
By the end of the first quarter of 2009, the reduction in workforce is expected to aggregate approximately 75% of the staff employed previously. The company is also significantly reducing other operating expenses and plans to provide further disclosure in its quarterly report for the quarter ended December 31, 2008, which will be filed in February 2009.
Warren Wasiewski, chief medical officer of Neurobiological Technologies, said: “Following a thorough review of the interim data, it was determined that there was no group of patients in which Viprinex improved outcome, and therefore further development is not warranted. We are very disappointed that another potential treatment for this devastating disease has failed to show benefit for this patient population.”