Restructuring is expected to save the company $550,000 per year starting February 2009.
Proteome Systems (PXL) is axing efforts in therapeutic development as it does not fit with its focus on diagnostics, according to Jenny Harry, Ph.D., CEO.
Operations in PXL’s Boston office will close within the next three months. This will result in savings of $550,000 per annum beginning February 2009.
PXL acquired a therapeutic pipeline when it merged with Eukarion in 2005. The company will retain full rights to these antioxidant compounds for dermatological and neurological indications. The firm says that it will continue to consider out-licensing opportunities.
“Since my appointment as CEO, the management team has been dedicated to harnessing PXL’s expertise in biomarker discovery and development to produce a pipeline of diagnostic products based on the company’s proprietary platform,” notes Dr. Harry.
PXL has already released the Wheatrite™ test, which measures the extent of damage to wheat. The product is partnered with Bayer CropSciences. PXL also has a test for active tuberculosis, which is being developed with Becton, Dickinson and Company.
“PXL must remain focused on allocating resources to leverage the progress made with our two near-term revenue generating programs—TB and WheatRite—to consolidate the company’s role as a leader in developing point-of need diagnostic tests for infectious and respiratory diseases,” points out Dr. Harry.
