Monday, January 26, 2009 4:16:46 PM
Altus Pharmaceuticals Inc. (NASDAQ: ALTU) announced a strategic realignment of product development priorities to focus on the advancement of the Company’s breakthrough, long-acting, recombinant human growth hormone candidate, ALTU-238, as a once-per-week treatment for adult and pediatric patients with growth hormone deficiency. To conserve capital resources, Altus will discontinue its Trizytek program activities. This discontinuation will result in the transfer of certain Trizytek intellectual property rights and regulatory filings to Cystic Fibrosis Foundation Therapeutics, Inc. (CFFT), the nonprofit affiliate of the Cystic Fibrosis Foundation, in accordance with Altus’ 2001 agreement with CFFT. In addition, Altus is evaluating the feasibility of moving forward its early-stage clinical and pre-clinical programs and will make future decisions on these programs depending upon the availability of resources.
As a result of this realignment, Altus will implement a workforce reduction of approximately 75%, primarily in functions related to the Trizytek program as well as certain general and administrative positions. In connection with the restructuring, Chief Medical Officer, Burkhard Blank, M.D.; Chief Financial Officer, Jonathan Lieber; and, Vice President, Business Development, John M. Sorvillo, Ph.D., will be leaving the Company. Employees affected by the reduction will be offered severance benefits. Following the staff reductions, Altus will have approximately 35 employees at its headquarters in Waltham, MA
Recent ALTU News
- Altitude Acquisition Corp. Announces Liquidation of Trust Account • GlobeNewswire Inc. • 03/12/2024 09:33:09 PM
- Altitude Acquisition Corp. Announces Extension of Deadline to Complete Initial Business Combination • GlobeNewswire Inc. • 02/07/2024 09:15:00 PM
- Altitude Acquisition Corp. Announces Extension of Deadline to Complete Initial Business Combination • GlobeNewswire Inc. • 11/03/2023 08:15:00 PM
- Altitude Acquisition Corp. Announces Extension of Deadline to Complete Initial Business Combination • GlobeNewswire Inc. • 10/06/2023 08:10:00 PM
- Altitude Acquisition Corp. Announces Extension of Deadline to Complete Initial Business Combination • GlobeNewswire Inc. • 09/06/2023 08:15:00 PM
- Altitude files Preliminary Merger Proxy Statement for Business Combination with Picard • GlobeNewswire Inc. • 08/14/2023 09:39:17 PM
- Altitude Acquisition Corp. Announces Extension of Deadline to Complete Initial Business Combination • GlobeNewswire Inc. • 08/03/2023 08:15:00 PM
- Altitude Acquisition Corp. Announces Extension of Deadline to Complete Initial Business Combination • GlobeNewswire Inc. • 07/06/2023 12:00:00 PM
- Altitude Acquisition Corp. Announces Extension of Deadline to Complete Initial Business Combination • GlobeNewswire Inc. • 06/06/2023 08:15:00 PM
Avant Technologies Engages Wired4Tech to Evaluate the Performance of Next Generation AI Server Technology • AVAI • May 23, 2024 8:00 AM
Branded Legacy, Inc. Unveils Collaboration with Celebrity Tattoo Artist Kat Tat for New Tattoo Aftercare Product • BLEG • May 22, 2024 8:30 AM
"Defo's Morning Briefing" Set to Debut for "GreenliteTV" • GRNL • May 21, 2024 2:28 PM
North Bay Resources Announces 50/50 JV at Fran Gold Project, British Columbia; Initiates NI 43-101 Resources Estimate and Bulk Sample • NBRI • May 21, 2024 9:07 AM
Greenlite Ventures Inks Deal to Acquire No Limit Technology • GRNL • May 17, 2024 3:00 PM
Music Licensing, Inc. (OTC: SONG) Subsidiary Pro Music Rights Secures Final Judgment of $114,081.30 USD, Demonstrating Strength of Licensing Agreements • SONGD • May 17, 2024 11:00 AM