BioTransplant Announces Cost Reduction Program.Business, Health, Medical Editors & Writers CHARLESTOWN, Mass.--(BUSINESS WIRE)--May 8, 2002 BioTransplant (Nasdaq: BTRN) today announced a cost reduction program in order to advance the Company's product lines while streamlining operations and reducing overall costs. This program includes a reduction in workforce and spending cuts impacting all segments of the Company. "These cost reduction measures are expected to conserve the needed resources to continue developing BioTransplant's promising product lines," commented Dr. Elliot Lebowitz, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BioTransplant. With these spending adjustments, BioTransplant expects to have operating capital Noun 1. operating capital - capital available for the operations of a firm (e.g. manufacturing or transportation) as distinct from financial transactions and long-term improvements capital, working capital - assets available for use in the production of further assets for approximately three to four fiscal quarters.
BioTransplant currently has the following clinical programs:
- Siplizumab
The Company's licensee, MedImmune, Inc., is conducting Phase
II clinical trials for siplizumab, a proprietary anti-T cell
monoclonal antibody for the treatment of psoriasis.
- Eligix(TM) HDM Cell Separation System
The Eligix System is a novel cell selection device for bone
marrow transplantations, with applications in cancer,
autoimmune diseases and transplantation. GAMBRO BCT is
currently marketing the Eligix System in Europe. BioTransplant
retains rights to North America and Japan and receives
milestone payments, licensing fees and shares revenues
elsewhere.
- AlloMune(TM) System
BioTransplant is conducting Phase I/II clinical trials with
the AlloMune System, which will combine siplizumab with the
HDM cell separation device to address the current problems of
transplantation. The Company recently announced that a kidney
transplant patient in a BioTransplant and Massachusetts
General Hospital study is nearing the four-year milestone
without immune suppressive drugs.
About BioTransplant BioTransplant Incorporated, headquartered in Charlestown, Mass., is developing a portfolio of products for application in a range of medical conditions See carpal tunnel syndrome, computer vision syndrome, dry eyes and deep vein thrombosis. , including treatment of cancer and autoimmune diseases Autoimmune diseases A group of diseases, like rheumatoid arthritis and systemic lupus erythematosus, in which immune cells turn on the body, attacking various tissues and organs. Mentioned in: Complement Deficiencies, Premature Menopause , organ and tissue transplantation, for which current therapies are inadequate. Siplizumab (MEDI-507), a lead product BioTransplant exclusively licensed to MedImmune, is in Phase II clinical trials Noun 1. phase II clinical trial - a clinical trial on more persons than in phase I; intended to evaluate the efficacy of a treatment for the condition it is intended to treat; possible side effects are monitored phase II for the treatment of psoriasis psoriasis (sôrī`əsĭs), occasionally acute but usually chronic and recurrent inflammation of the skin. The exact cause is unknown, but the disease appears to be an inherited, possibly autoimmune disorder that causes the . In addition, the Company is developing the AlloMune System which is designed to treat a variety of hematologic malignancies, and its distribution partner Gambro BCT BCT Brigade Combat Team BCT Basic Combat Training BCT Best Conventional Pollutant Control Technology (EPA) BCT Business Cards Tomorrow BCT Banque Centrale de Tunisie (Central Bank of Tunisia) markets the EligixTM Cell Separation System family of cell separation products in Europe for use in bone marrow, stem cell stem cell In living organisms, an undifferentiated cell that can produce other cells that eventually make up specialized tissues and organs. There are two major types of stem cells, embryonic and adult. and donor leukocyte leukocyte (l  `kəsīt'): see blood. leukocyte or white blood cell or white corpuscle transplants. BioTransplant is also targeting the use of the EligixTM Cell Separation Systems as a component of the AlloMune(TM) System, which, along with its proprietary monoclonal antibody monoclonal antibody, an antibody that is mass produced in the laboratory from a single clone and that recognizes only one antigen. Monoclonal antibodies are typically made by fusing a normally short-lived, antibody-producing B cell (see immunity) to a fast-growing MEDI-507, is being developed as a complete approach to increase the safety and efficacy of immune modulation and transplantation for cancer and other life threatening diseases. For more information on BioTransplant, please visit: http://www.biotransplant.com. This news release and the company's Web site contain forward-looking statements about BioTransplant that involve risks and uncertainties including statements about BioTransplant's expectations regarding its ability to fund its operations for the next three to four quarters and the impact of its spending reduction program on its operations and financial condition. Such statements reflect management's current views and are based on certain assumptions. Actual results could differ materially from those currently anticipated as a result of a number of factors. Important factors that could cause future results to differ materially from such forward-looking statements include, but are not limited to: BioTransplant's ability to secure the additional funding required for its operations and research and development programs; BioTransplant's and its third party collaborators' ability to successfully discover, develop and commercialize its products, obtain and maintain required regulatory approvals in a timely fashion, and overcome other difficulties inherent in developing and commercializing therapeutics, therapeutic devices and therapeutic regimens; market acceptance and penetration of BioTransplant's Eligix(TM) HDM HDM - SPECIAL Cell Separation Systems in the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community ; BioTransplant's ability to obtain and enforce the patent protection required for its products; and BioTransplant's ability to maintain collaborations and distribution arrangements with third parties. For a detailed discussion of these and other factors, see the section entitled "Business -- Factors Which May Affect Results" in BioTransplant's current annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , as filed with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this news release. BioTransplant does not intend to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. |
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