PRINCETON, N.J. -- The Liposome Co. Inc. said Friday that it isclosing Canadian Liposome Co. Ltd. (CLC) of North Vancouver,British Columbia, a wholly owned subsidiary.
With the move, Liposome Co. (NASDAQ:LIPO) aims to focus itsresources on bringing products to market, said Ed Silverman,LIPO's executive director of marketing and sales. In addition, abi-coastal research operation made little sense for a smallcompany, Silverman said.
LIPO plans to consolidate its research activities into a singleorganization in Princeton, N.J., where it will continue itsresearch in cancer and infectious disease therapeutics.
CLC, which started operating in September 1987, is laying offits 10 full-time employees, some of whom have been offeredjobs at the Princeton facility, Silverman said.
LIPO is also hiring scientists to pursue development of its threelead products in Phase II clinical trials: TLC-ABLC, a systemicanti-fungal agent; TLC D-99, a liposomal doxorubicin to treatcancer; and TLC G-65, a liposomal aminoglycoside to treatMycobacterium avium-intracellulare in AIDS patients.
LIPO will continue its research agreement with the biophysicsgroup at the University of British Columbia, where most ofCLC's scientists were trained. LIPO previously reported a $5.5million loss on revenues of $3 million for the nine monthsended last Sept. 30. --Karen Bernstein
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