BioSpace Collaborative

Academic/Biomedical Research
News & Jobs
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  C2C Services & Suppliers™
Europe
Asia

DIVERSITY

PROFILES
Company Profiles

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Research Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
Get Our Industry eNewsletter FREE email:    
   

CollaGenex Pharmaceuticals, Inc. (CGPI) Announces Restructuring Following FDA Approval Of IVAX Corporation (IVX) And CorePharma LLC's Generic Form Of Periostat; CollaGenex Will Cease All Sales And Marketing Activity With Respect To Periosta; Plans To Reduce Work Force


10/19/2005 5:10:07 PM

NEWTOWN, Pa.--(BUSINESS WIRE)--May 16, 2005--CollaGenex Pharmaceuticals, Inc. (Nasdaq: CGPI) today announced restructuring plans following the approval by the FDA of a generic form of Periostat(R) for sale by IVAX Pharmaceuticals Inc. and CorePharma, LLC. Unless an injunction is ordered, CollaGenex will cease all sales and marketing activity with respect to Periostat as of Friday, May 20 and execute plans to reduce its headcount by 63 people, including all of its dental sales force. The 34-person dermatology sales force will continue to market Pandel(R), a prescription corticosteroid, prepare for the launch of Oracea and sell other products that the company may co-promote or in-license in the future. The Company will also continue to develop its dermatology product pipeline. CollaGenex's License and Supply Agreement with Mutual Pharmaceuticals will terminate following a generic launch, and Mutual will receive a royalty free license to manufacture and distribute its own product. CollaGenex will be required to reimburse Mutual for rebates that Mutual must pay its customers for certain inventories that become devalued as a result of a generic introduction. Colin Stewart, president and chief executive officer of CollaGenex, said, "While we are clearly disappointed with the generic approval, we remain confident in our ability to build CollaGenex' dermatology franchise. We look forward to receiving the Oracea(TM) Phase III clinical results at the beginning of June, and we anticipate submitting a New Drug Application for Oracea in the third quarter of 2005. The recent results of the proof-of-concept trial of Col-3 in rosacea patients underscore the depth of our pipeline, and we intend to initiate a proof-of-concept trial of Col-3 in acne patients. We also expect to launch our first product using the Restoraderm(TM) technology platform by the end of 2005."

Read at AP
Read at BioSpace.com

AP
BioSpace.com
   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES
 

//-->