BioXell announces restructuring following review of portfolio
BioXell S.p.A. announced the initiation of a redundancy procedure (Procedura di Mobilità according to Sec. 4 and 24 of Italian Law 223/1991) in order to align its internal organization and resources as a result of BioXell's reduced product pipeline and the relating research & development activities.
Following the review of its development portfolio in light of the recently announced Phase IIb data of Elocalcitol in Overactive Bladder (OAB), the Company decided to terminate its clinical development activities for Elocalcitol in the indications OAB and Benign Prostatic Hyperplasia (BPH). Beforehand, the Company already communicated its decision to suspend the Phase II trial of Elocalcitol in Male Infertility as well as to put on hold the initiation of the Phase I study of BXL746 in the prevention of post-surgical adhesions. All research activities with regards to the Company's Vitamin D3 and TREM technologies will be terminated.
BioXell intends to focus its future development efforts on the progression of its monoclonal antibody BXL1H5 for the treatment of chronic pain. The antibody, still in preclinical development, is expected to enter the clinical phase in the first half of 2011.
As a result of the redundancy procedure (Procedura di Mobilità), BioXell intends to reduce its current headcount by at least 14 positions. Consistent with the applicable legal provisions and the relating procedures, discussions with the trade unions shall take place in the following weeks. BioXell will communicate potential outcomes in due course.
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