ViRexx to focus outlay on current pipeline

Canadian drug developer ViRexx Medical Corp says that it plans to make a 65% reduction in its R&D expenditure by focusing on completing the development of its existing pipeline products. The company said that the refocusing of research priorities would reduce its average monthly spending to less than $900,000.

ViRexx' chief executive, Lorne Tyrrell, said that "the new business model appropriately balances risk and reward within our development priorities." He added that the approach would allow the firm to invest in programs with promising near-term potential.

Specifically, the company will focus on the development of its OvaRex monoclonal antibody product and the Occlusin 500 Device, for prospective launch in the next few years.