Theratechnologies to quit COPD program
Canada-based Theratechnologies (TSX: TH.TO) revealed yesterday that it is discontinuing its muscle wasting in chronic obstructive pulmonary disease (COPD) clinical program, downsizing and accelerating its path to profitability. The company now aims to be profitable in 2013. As a result, there will be a 60% workforce reduction or around 40 positions.
"We are on track to reach our year-end target of 3,000 to 3,500 new prescriptions in the USA for Egrifta (tesamorelin), as announced earlier in the year. However, given the recent increase in uncertainty in financial markets, we have decided to accelerate our path to profitability," stated John-Michel Huss, president and chief executive of Theratechnologies, adding: "With patient enrolment still in its early stages, now is the time to discontinue our COPD program."
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