June 23 Replidyne Inc RDYN.O said it was
unable to secure a partner to develop its antibiotic faropenem
and as a result decided to end related license and supply
agreements to conserve cash, sending shares down 10 percent.
In April, the company discontinued clinical development of
faropenem and said further development depends on securing a
partner for the program.
Replidyne said it expects to incur charges of up to 440
million Japanese Yen, or about $4.1 million, related to the
termination of the agreements.
The company said it had cash and short-term investments of
$71.5 million as of May 31.
The company said it will end license and supply agreements
with Asubio Pharma Co Ltd and the supply agreement with Nippon
Soda Co Ltd (4041.T) for production of faropenem.
Replidyne shares, which closed at $1.37 Monday on Nasdaq,
were trading down 14 cents at $1.23 after the bell. They have
fallen 56 percent this year.
(Reporting by Jennifer Robin Raj in Bangalore; Editing by