Hollis-Eden Pharmaceuticals cuts staff by 25%
San Diego-based Hollis-Eden Pharmaceuticals Inc has announced that it will cut 25% of its staff including its chief financial officer in the wake of losing a government contract in March to make a treatment for radiation poisoning. The company said it spent $80 million to $90 million to develop the drug, known as Neumune, which has no other customers at the moment. It will now focus on two lead candidates for diabetes and cancer that could enter clinical trials this year. The reorganisation is designed to focus the company's future strategic direction on development of its class of adrenal steroid hormones in the therapeutic areas of metabolic disorders, autoimmune and other inflammatory conditions, and hormone sensitive cancers.
In May 2007 Hollis-Eden announced that it has been cleared by the FDA to initiate a Phase I clinical trial with HE3286 for the treatment of metabolic disorders. The company expects to initiate clinical trials with HE3286 in the next three months. The company also announced additional confirmatory preclinical data indicating that HE3286 improves glucose disposal in models of type 2 diabetes and that the compound is acting through a novel pathway that may offer benefits over existing insulin sensitizers.
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