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news.Rigel Pharmaceuticals, a clinical-stage drug development company, has cut its research programs in virology and oncology as well as certain related development and administrative staff, which has resulted in the dismissal of 36 employees or approximately 20% of the company's workforce.
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According to the company, this measure is intended to maintain the company’s emphasis on its active preclinical and clinical programs, while conserving the company resources. The company is still assessing the restructuring and other charges associated with this measure, which is expected to be predominantly recorded in the first quarter of 2009.
The company has also announced that it will delay further partnership discussions regarding R788 until after results from the Phase IIb clinical trials of R788 are available. The company expects that these results, involving approximately 650 additional patients, will substantially further the understanding of R788’s potential and may therefore drive enhanced economics in a possible deal. The company expects to have a collaboration partnership in place prior to initiating Phase III clinical trials.
James Gower, chairman and CEO of Rigel, said: We have decided that postponing the partnership for R788, pending the forthcoming clinical trial results, will better position us to secure an optimal partnership arrangement for R788.