Hopkinton Pharma Co. Seeking Partners
Alseres Pharmaceuticals Inc. of Hopkinton is conducting confidential discussions about possible partnerships, Chairman and CEO Peter G. Savas told stockholders in a recent letter.
Savas wrote that the company is talking with "leading companies" about partnerships regarding its molecular imaging, nerve repair and regenerative therapy programs.
The company said its ability to form partnerships may be helped by new developments in the licensing of Cethrin, a nerve repair product. It said its latest clinical trials show promise for the product, and it is moving forward with a new phase of testing in the second half of 2008. The new phase will move faster than originally planned because regulators have agreed to let the company reduce the number of patients enrolled from 200 to a maximum of 100.
Alseres has operated at a loss since its inception in 1992. As of March 2008, it had lost $168 million, including $5 million in the first quarter of 2008, according to SEC filings.
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