LONDON -(Dow Jones)- U.K. biotechnology company Renovo Group PLC (RNVO.LN) Thursday said it will cut more than 100 jobs and may sell assets after partner Shire PLC (SHP.LN) decided to drop its flagship anti-scarring product Juvista following disappointing clinical trial results.
Renovo in a statement said the failure of Juvista in a Phase III trial in Europe, announced last month, was a major blow for Renovo and prompted partner Shire to return rights for the treatment in the U.S., Canada and Mexico.
Professor Mark Ferguson, Renovo's chief executive, in a statement 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."
Thursday, March 03, 2011
Renovo Cuts Jobs, Mulls Asset Sales After Shire Dumps Juvista | Dow Jones
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment