Novartis has discontinued development of Aurograb, an add-on therapy to antibiotics that was being assessed for use in treating deep-seated staphylococcal infections, following a review of recent Phase II results showing a lack of efficacy.
Novartis gained rights to the compound in 2006 through the acquisition of NeuTec Pharma. An intangible asset impairment charge of approximately $235 million, which is the full amount allocated to this project, will be taken in the 3Q08 in the Pharmaceuticals Division.
Phase III trials and submission preparations continue for Mycograb, another development compound acquired with NeuTec that is being studied as an add-on therapy to antifungal agents in treating invasive candidiasis and other severe fungal infections.
Pharmos Corp. will cease operations in Rehovot, Israel, effective October 31, 2008. The company plans to manage the activities currently based in Rehovot out of its U.S. headquarters in Iselin, NJ.
The research programs in Israel include the CB2 receptor selective library of compounds, including preclinical development of PRS-639,058 for neuropathic pain. The company is also working on finishing up a Phase IIa trial for its 3% diclofenac NanoEmulsion cream for use as a topical treatment for osteoarthritis pain.
The company is seeking a partner to lead both operating and funding of the research programs in Israel. The Rehovot senior management team of Iris Alroy, Ph.D. and Arnon Aharon, M.D. will remain available to support ongoing business development and existing collaborations as consultants.
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