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Tapestry Announces Strategy to Focus on TPI 287 Clinical Program |
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27 Oct 2007 |
Company downsizing non-clinical workforce
BOULDER, CO, USA | October 26, 2007 | Tapestry Pharmaceuticals, Inc. (Nasdaq: TPPH), announced today a plan to focus all of its resources on advancing TPI 287’s on-going and previously announced clinical trials. As part of the strategic plan, Tapestry is reducing its employee base by 28 percent. The Company expects to eliminate 14 positions including executive and non-executive employees in all areas of operations. All clinical development staff remains with the Company.
“We continue to recruit patients for TPI 287’s prostate and pancreatic cancer trials and we are moving forward with plans to initiate several other, previously announced studies,” said Leonard P. Shaykin,
Chairman and Chief Executive Officer of Tapestry Pharmaceuticals.
“Tapestry expects to report encouraging data from the Phase II prostate trial during our quarterly earnings call on November 5th and at our presentation at the Rodman & Renshaw conference in New York City on the same day.”
Tapestry expects savings from this downsizing of personnel, and other cost saving measures, to total approximately $11 million (excluding the impact of eliminated capital expenditures) through the end of
2008. There will be a one-time cost of approximately $470,000 to implement this downsizing.
About TPI 287
TPI 287, a proprietary next-generation taxane, is Tapestry’s lead clinical compound. This compound was designed to overcome multiple drug resistance in solid tumors that are innately resistant to taxane therapy or have become resistant to taxanes following exposure to chemotherapy drugs. In preclinical testing, TPI 287 demonstrated the ability to inhibit tumor cell growth in a number of in vitro cell lines and has shown inhibition of human tumor growth in certain animal xenograft models when tested against standard comparative agents. The in vitro activity was seen across multiple cell lines including cell lines known to be sensitive to taxanes as well as cell lines known to be resistant to taxanes. Taxane sensitive cell lines in which TPI 287 has shown activity include cell lines derived from breast cancer, uterine cancer and non-small cell lung cancer. Taxane resistant cell lines in which TPI 287 has shown activity include cell lines derived from breast cancer, colon cancer and prostate cancer.
About Tapestry Pharmaceuticals, Inc.
Tapestry Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development of proprietary therapies for the treatment of cancer.
For more information about Tapestry and its technologies, visit Tapestry’s website at www.tapestrypharma.com.
SOURCE: TAPESTRY PHARMACEUTICALS |
