Move will reduce burn rate by 60%.
Urigen Pharmaceuticals is restructuring while continuing to pursue product financing and other alternatives. Although the company will maintain its current personnel under consulting agreements, staff will be reduced by four employees.
“Our cash conservation measures will cut our overall burn rate by over 60% while maintaining access to the services of all key Urigen personnel,” according to William Garner, M.D., president and CEO. “These arrangements allow our commercial, intellectual property, and drug development functions to continue under consulting agreements as we work to complete the URG101 Phase II data package.”
URG101 is being developed for the treatment of painful bladder syndrome, or interstitial cystitis. “We believe,” continues Dr. Garner, “that the recent URG101 clinical and patent milestones place us in a more favorable position to partner URG101 than we have been in for most of our existence and we are in discussions with several potential partners.”
Additionally, Urigen is evaluating URG301, a female urethral suppository treatment for urethritis and nocturia. “We have also refined our URG301 regulatory strategy that entailed a potential cost reduction from previously disclosed $26.4 million to the filing of an NDA to potentially less than $3.0 million for a 505(b)(2) regulatory approach by limiting the label and focusing on urethritis in women.”
