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news.Synvista Therapeutics, a product-based biotechnology company, has announced that, following a review of its clinical development portfolio and its current financial status, it has determined that it is in the best interest of the company to focus its resources on maximizing the value of its diagnostic assets and to terminate all ongoing clinical trials of its product candidates alagebrium and SYI-2074.
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The Beneficial study, which was a Phase II double-blind, placebo-controlled, randomized trial of alagebrium in patients with chronic systolic heart failure; the Break study, which was a Phase II double-blind, placebo-controlled, randomized trial of alagebrium in patients with diastolic heart failure; and the Phase II trial of a topical formulation of SYI-2074 for the treatment of chronic, mild-to-moderate plaque psoriasis in adults will be terminated as promptly as possible, the company said.
The company is continuing to explore strategic alternatives in order to monetize its technology assets, which may take the form of sales or licensing transactions with respect to those assets.
In light of the company’s cash position and current negative economic and capital markets conditions, if the company is unable to enter into such transactions in a timely manner, the company’s ability to continue operations beyond the second quarter of 2009 is in doubt.