British Biotech plc Reorganization to Exploit Opportunities in Drug Development.Business Editors OXFORD, England--(BUSINESS WIRE)--June 9, 2000 British Biotech British Biotech was a British based biotech company. British Biotechnology Limited was founded in 1986 by former G D Searle managers Keith McCullagh and Brian Richards, [1] (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BBIOY) announces a reorganization to exploit opportunities in drug development in the areas of cancer, inflammation and infectious disease Infectious disease A pathological condition spread among biological species. Infectious diseases, although varied in their effects, are always associated with viruses, bacteria, fungi, protozoa, multicellular parasites and aberrant proteins known as prions. . By concentrating resources on drug development, British Biotech will capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. current opportunities in or near development, build on its innovative development capability and enhance its ability to bring new products into the portfolio, either through licensing or acquisition. In addition to marimastat, British Biotech now has five products in development and retains a core research capability targeting metalloenzymes. In order to fund an expanding portfolio, the Company has implemented a restructuring program to reduce permanent headcount levels from 230 to 140, predominantly from Research and central support. Headcount will be reduced immediately by 51 positions, with the balance over the next six months. When completed, the reorganization will generate annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. cost savings of (pound)8 million (US$12.6 million) compared with 1999/2000. These savings will be used to broaden and progress the development portfolio. Dr Elliot Goldstein, Chief Executive, British Biotech, said: "Our clear objective is to expand and progress our product portfolio to create value for shareholders. We regret the reduction in headcount announced today but it is vital to focus our resources where we believe the greatest value can be created." This news release contains forward-looking statements, which reflect the Company's current expectation regarding future events. Forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including the success of the Company's research strategy, the applicability of the discoveries made therein, the successful and timely completion of clinical studies and the uncertainties related to the regulatory process. Notes to Editors British Biotech is a development-stage pharmaceutical company which is building a portfolio of products for the treatment of cancer, inflammation and infectious disease. These opportunities will be generated from in-house research and development and by acquisition from, and collaboration with, outside parties. British Biotech currently has six products in development. Its lead product, marimastat, a matrix metalloproteinase inhibitor, is in Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA development for the treatment of cancer and has been licensed worldwide to Schering Plough Corporation except for Japan and the Far East where it has been licensed to Tanabe Seiyaku Co., Ltd. Other products in development are: BB-3644, a follow-on to marimastat, for cancer; BB-10153 for cardiovascular disease Cardiovascular disease Disease that affects the heart and blood vessels. Mentioned in: Lipoproteins Test cardiovascular disease ; BB-2827 for inflammation; huN901-DM1 for small cell lung cancer Lung Cancer, Small Cell Definition Small cell lung cancer is a disease in which the cells of the lung tissues grow uncontrollably and form tumors. Description Lung cancer is divided into two main types: small cell and non-small cell. ; and BB-76163 for chronic inflammatory disease. |
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