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Update provided on HIV, cancer vaccines, workforce reduction.
2003 OCT 1 - (NewsRx.com & NewsRx.net) -- Epimmune, Inc., (EPMN) provided an update of its three ongoing clinical trials in HIV, lung cancer, and colorectal cancer, and the company announced a workforce reduction aimed at focusing its resources on the most advanced clinical programs and its sponsored and partnered programs.
The restructuring and other cost-cutting measures, together with management's assumptions regarding sponsored and partnered programs, are designed to provide operating funds sufficient to obtain results from ongoing clinical trials in HIV and cancer. In addition to its clinical programs, Epimmune has a partnership with Genencor International in several infectious disease indications and has a number of grants and contracts from the National Institutes of Health (NIH) covering both infectious diseases and cancer.
Epimmune will reduce its research and administrative staff by 11 individuals or 23%, which will result in a one-time restructuring charge of approximately $350,000 in the third quarter ending September 30, 2003. Epimmune will provide its employees affected by the workforce reduction with severance and human resources support to assist with outplacement. The restructuring and other cost-cutting measures are expected to result in an annualized cost savings of approximately $1.7 million.
Emile Loria, president and CEO of Epimmune said, "This workforce reduction and the other cost-cutting measures we implemented furthers our strategic shift from a research-based to a development-based organization. We will focus our resources on our most advanced clinical programs, which we believe have the greatest potential to create value for Epimmune and its stockholders, and continue to execute our funded, sponsored and partnered programs.
"While we are currently exploring fundraising options with our financial advisor, we anticipate that, with the measures we have implemented today, together with our assumptions regarding sponsored and partnered programs, we will generate sufficient operating funds to obtain the results from our current HIV and cancer clinical trials, even without additional fundraising," Loria said.
The company provided an update of its three ongoing clinical trials in HIV, lung cancer, and colorectal cancer. Following is a summary of the current status of each of those:
The company, with sponsorship from the NIH, is conducting ...
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Source: HighBeam Research, Update provided on HIV, cancer vaccines, workforce reduction.