Renovo cuts jobs after Shire partnership ends
Thursday, March 3, 2011
U.K.-based Renovo has halted spending and says it will lay off 100 workers in a broad restructuring that includes the possible sale of virtually all of its clinical assets, according to Fierce Biotech.
Shire ended its $825 million partnership with Renovo, handing back the rights to the anti-scarring drug Juvista, according to a statement from Renovo. The company is shelving its own work on the drug after concluding, “the efficacy of Juvista is insufficient to demonstrate significant benefit when tested in a broad population of scar revision patients.”
Renovo CEO Mark Ferguson said, “We are extremely surprised and disappointed with the Juvista phase III trial result in scar revision surgery. The board is seeking to maximize shareholder value from the remaining assets of Renovo.” The company also said it would curtail recruitment in an ongoing trial of another drug, Adaprev, and will consider selling that program along with Juvista, Juvidex, Prevascar and all of its preclinical assets.