Repligen Corp. is terminating its arrangement with a partnershipformed to develop recombinant platelet factor-4 (rPF4), the companysaid late Thursday.
Repligen Clinical Partners was formed in 1992 to financedevelopment of rPF4, Repligen's lead program, which has completedPhase II studies for reversal of heparin in bypass surgeries and PhaseI studies in cancer indications. All rPF4 rights stay with thepartnership.
The partnership, which initially raised more than $40 million, hadworking capital of $743,000 at the end of 1995, according to a 10-Qfiling. Repligen disclosed in that document that the funds would beexhausted by early this month and it didn't have the resources to fundthe program, nor did it believe a securities offering to fund theprogram would be successful.
In a statement, Repligen President and CEO Walter Herlihy said,"The termination should enhance the partnership's ability to sell orlicense the rPF4 technology. It also should enhance Repligen's abilityto focus our resources on the development of novel anti-inflammatorycompounds. We will assist the partnership in exploring alternatives tomaximize the value of the rPF4 program for the benefit of thepartnership."
Herlihy returned to Repligen last month when the Cambridge, Mass.,company merged with Glycan Pharmaceuticals Inc., which wasformed in April 1993 by three Repligen scientists. (See BioWorldToday, March 18, 1996, p. 1.) Repligen over the last two years hashad a series of restructuring moves _ involving downsizing andscaling back development programs _ to conserve cash. n
-- Jim Shrine
(c) 1997 American Health Consultants. All rights reserved.