Myriad Pharma to focus on oncology portfolio, cutting staff to conserve financial resources

US drug firm Myriad Pharmaceuticals has announced several strategic initiatives to focus efforts on its oncology pipeline and to conserve its financial resources to extend the company's projected cash runway beyond 2013.

Myriad's initiatives include: the expansion of the Azixa (MPC-6827) clinical program to include a two-armed temozolomide combination study for the treatment of glioblastoma multiforme; the further advancement of the company's orally bioavailable Hsp90 inhibitor, MPC-3100; the designation of MPC-9528, a novel Nampt inhibitor, as an IND-candidate; the suspension of its HIV maturation program for strategic, business reasons; and a reduction in workforce.

The company says it will continue to aggressively seek partners for all of its preclinical and clinical programs. It has reduced its headcount by 21 employees, which when combined with attrition results in a total reduction of 30 employees since July 1, 2009.