SAN DIEGO--(BUSINESS WIRE)--Metabasis Therapeutics, Inc. (Nasdaq: MBRX), a biopharmaceutical company focused on innovative therapies for metabolic diseases including hyperlipidemia and diabetes, today announced financial results for the first quarter ended March 31, 2009.
“At the beginning of the first quarter, we established a new strategic plan and as part of that plan we significantly reduced our workforce and core operating expenses,” said Mark Erion, Ph.D., president, chief executive officer and chief scientific officer. “We continue to execute on that plan, which is focused on initiating and completing a 12-week Phase 2a proof-of-concept trial on MB07811, our liver-targeted thyroid receptor agonist for hyperlipidemia, and on establishing corporate partnerships for our glucagon antagonist program and for MB07803, our Phase 2 product candidate for type 2 diabetes that targets the enzyme fructose-1,6-bisphosphatase. Both programs were advanced considerably this quarter with the identification of a potential product candidate for our glucagon antagonist program, MB11262, and the completion of a clinical trial on MB07803 that highlighted the glucose lowering potential of this mechanism. The results of this trial will be presented at the upcoming American Diabetes Association Meeting now that our late breaking abstract has been accepted.”
