If the firm is unable to monetize its assets, it may have to shut down operations.
Synvista Therapeutics has decided to focus on diagnostic development and end all therapeutic programs. It is seeking options to monetize these assets. Synvista reports that if it is unable to find a partner in a timely manner, its ability to continue operations beyond the second quarter of 2009 is in doubt.
Synvista is canceling two Phase II trials with alagebrium, one in chronic systolic heart failure and the other in diastolic heart failure. It is also terminating a Phase II study of SYI-2074 as a treatment of chronic, mild-to-moderate plaque psoriasis in adults.
Synvista has two diagnostic programs in age-related disorders and cardiovascular disease. It is developing an assay for CML (Carboxymethyl-lysine), which is believed to play a role in cardiovascular mortality, renal insufficiency, increased aortic stiffness, and other clinical phenomena associated with aging. The firm is conducting clinical trials to better understand the role of CML in age-related system decline.
Additionally, Synvista submitted a 510(k) clearance application for its Haptochek™ diagnostic test kit, a protein-based clinical laboratory test to identify patients with Hp2-2 diabetes.
—
