Kosan Restructures Workforce to Focus Resources on Lead Clinical Programs
18 Mars 2008 - 11:45PM
PR Newswire (US)
HAYWARD, Calif., March 18 /PRNewswire-FirstCall/ -- Kosan
Biosciences Incorporated (NASDAQ:KOSN) today announced that the
company will reduce its workforce by approximately 37% in order to
focus resources on supporting advancement of its lead clinical
programs, tanespimycin in multiple myeloma and in metastatic breast
cancer, and epothilone KOS-1584 in non-small lung cancer. The
restructuring will primarily affect the company's research and
administrative functions. As a result of the restructuring, most
research programs will be placed on hold. The company may seek to
partner these assets with companies looking for early-stage
programs. "Restructuring our workforce to focus resources on
development of our lead clinical programs completes the strategic
reprioritization of Kosan's development portfolio that we recently
announced. This represents an important step in Kosan's evolution
to a product-oriented company," said Helen S. Kim, Kosan's Chief
Executive Officer. "We appreciate the efforts of all our employees
as their contributions have helped to build our company's
reputation as a leader in polyketide technology as well as Hsp90
and epothilone drug discovery. We believe that this restructuring
will strengthen our ability to effectively manage our resources,
execute on our development goals and advance our high-value,
near-term commercial opportunities." Kosan anticipates incurring
restructuring charges of approximately $0.7 million in the first
quarter of 2008, primarily associated with personnel-related
termination costs. As a result of the restructuring, Kosan is
reducing its 2008 guidance for cash used in operating activities by
$3.0 million, from $40-$50 million to $37-$47 million. About Kosan
Kosan Biosciences is a biotechnology company advancing two new
classes of anticancer agents through clinical development -- a
Hsp90 (heat shock protein 90) inhibitor and an epothilone. Hsp90
inhibitors have a novel mechanism of action targeting multiple
pathways involved in cancer cell growth and survival. Tanespimycin
(KOS-953) is being tested in combination with Velcade(R)
(bortezomib) in patients with multiple myeloma in a clinical
program called TIME. Tanespimycin is also being studied in
HER2-positive metastatic breast cancer in combination with
Herceptin(R) (trastuzumab). Epothilones inhibit cell division with
a mechanism of action similar to taxanes, one of the most
successful classes of anti-tumor agents. KOS-1584 is in Phase
trials in solid tumors. Kosan's motilin agonist compound, KOS-2187,
licensed to Pfizer, is in a Phase 1 trial in gastroesophageal
reflux disease (GERD). For additional information on Kosan
Biosciences, please visit the company's website at
http://www.kosan.com/. This press release contains forward-looking
statements within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995 (the "Act").
Such forward-looking statements include but are not limited to
statements regarding the further development and potential safety,
efficacy, regulatory status, commercial potential and other
characteristics of Kosan's product candidates; the continuation of
current clinical trials; the initiation of additional clinical
trials and the timing thereof and the use of Kosan's financial
resources. Words such as "will," "expect," "believe," "may,"
"intend," "plan," "potential" and similar expressions are intended
to identify forward-looking statements. Any statements contained in
this press release that are not statements of historical fact may
be deemed to be forward-looking statements. These forward-looking
statements are based upon Kosan's current expectations.
Forward-looking statements involve risks and uncertainties. Kosan's
actual results and the timing of events could differ materially
from those anticipated in such forward-looking statements as a
result of these risks and uncertainties, which include, without
limitation, risks related to the uncertain progress and results of
Kosan's preclinical and clinical testing, including the risks that
studies and trials may not demonstrate safety and efficacy
sufficient to initiate clinical trials on the timing currently
anticipated, or at all, continue clinical development, obtain the
requisite regulatory approvals or result in a marketable product;
the conduct of clinical trials; manufacturing; regulatory approval
requirements and process; the effort and expense necessary for
further development of Kosan's product candidates, including the
costs of bortezomib; intellectual property matters, including
Kosan's ability to obtain valid and enforceable patents covering
its product candidates; Kosan's dependence on its collaboration
with Pfizer for development of its motilin agonist product
candidate; Kosan's need for additional financing and Kosan's
strategy to enter into partnering or licensing arrangements. These
and other risk factors are discussed under "Risk Factors" in
Kosan's Annual Report on Form 10-K for the year ended December 31,
2007 and other periodic filings with the SEC. Kosan expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein. Velcade(R) (bortezomib) is a registered trademark of
Millennium Pharmaceuticals, Inc. Herceptin(R) (trastuzumab) is a
registered trademark of Genentech, Inc. DATASOURCE: Kosan
Biosciences Incorporated CONTACT: Jane Green, VP, Corporate
Communications, +1-510-731-5335, cell, +1-415-652-4819, , or Helen
S. Kim, Chief Executive Officer, +1-510-731-5270, cell,
+1-510-853-1314, , both of Kosan Biosciences Incorporated Web site:
http://www.kosan.com/
Copyright
Kosan Biosciences (MM) (NASDAQ:KOSN)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Kosan Biosciences (MM) (NASDAQ:KOSN)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024