Little IDM Pharma of Irvine is losing pharmaceutical giant Sanofi-Aventis as a partner, a change IDM says will lead to cutbacks in staff, currently listed at about 80.
The decision by Sanofi also means two of the local cancer-specialist drug company’s treatments are having trouble.
- UVIDEM — IDM announced today that Sanofi will stop working with IDM on developing UVIDEM, an immune-system stimulant that’s in clinical trials as a treatment for melanoma.
- L-MTP-PE — In mid-December, IDM said it was reviewing its strategic alternatives as it works to collect data to overturn an unfavorable decision by a U.S. Food and Drug Administration panel. In May, the panel said studies of IDM’s bone-cancer treatment L-MTP-PE, or mifamurtide, haven’t shown it to be an effective treatment.
IDM tried to put an upbeat spin on the latest news, citing these potential benefits, writing:
– IDM Pharma now has full rights to its product candidates including
mifamurtide (L-MTP-PE), IDM-2101 and UVIDEM– The anticipated restructuring is expected to enable the company to
significantly reduce its infrastructure and operating expenses– The restructured company may be a more attractive partner in any
potential strategic transaction going forward.
Investors, however, haven’t been happy with recent developments. IDM shares closed Friday at 94 cents, down from $2.60 at the end of 2006.
