Issue Date: November 3, 2008
MethylGene Will Reclaim Cancer Therapies
MethylGene says that Celgene has terminated its licensing deal for oncology histone deacetylase inhibitors, including MGCD0103, and that it will reacquire the rights to these development programs. Celgene picked up the development rights to several MethylGene drug candidates when it acquired Pharmion earlier this year. MethylGene also plans a reorganization in which it will discontinue discovery research in order to focus resources on development of its proprietary drug pipeline. A phased workforce reduction could eliminate half of the company's 109 full-time jobs by the end of next year. "By streamlining the organization to focus on development, we expect to extend our current cash resources and progress our clinical pipeline toward nearer-term value-enhancing milestones," says Donald F. Corcoran, CEO of MethylGene.
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