The University of Calgary spin-off SemBioSys Genetics today announced a substantial cost reduction program to conserve its existing cash and build partnerships. The Canadian biotech is now focusing its resources on meeting its development milestones for its insulin and Apo AI programs, which it hopes to partner. The company has also reduced its headcount by 40 percent, down to 45 employees.
SemBioSys has already begun manufacturing insulin for its Phase I/II insulin trial and its 30 day post-IND period was completed in August, with no objections by the FDA. Discussions are already underway with potential partners for these programs, according to the company's statement.
"Our insulin and Apo AI development programs are approaching material near-term milestone events, which should enable us to partner these programs. The changes announced today will ensure our current cash resources and core competencies are focused on achieving these value-driving milestones," said Andrew Baum, president and chief executive officer of SemBioSys.
- read the SemBioSys release