Approximately 30 positions in research and development will be eliminated effective March 31, 2006 in a restructuring of NitroMed, Inc. The company will focus on the continued development of both an extended release formulation of BiDil (isosorbide dinitrate/hydralazine hydrochloride), as well as out-licensing and collaborations for its portfolio of nitric oxide-enhancing technologies, including NMI-3377, a late-stage pre-clinical cardio-renal compound.
The restructuring is being undertaken to align the Company's cost structure with revenue expectations. It is also consistent with NitroMed's current focus on sales and marketing.
Chief Scientific Officer Dr. Gordon Letts emphasized that NitroMed's priority project is on schedule as development continues on an extended release formulation of BiDil. BiDil is currently available at a dosage of three times a day. The Company previously said it is working towards either a once- or twice-daily formulation of BiDil.
"We are seeking partners with whom to develop the Company's portfolio of nitric oxide-enhancing technologies. Among them is NMI-3377, a late-stage pre-clinical cardio-renal compound with nitric oxide-donating properties," Dr. Letts said adding, "This compound has a large market potential and the Company is now actively seeking a partner so that our goal of filing an Investigational New Drug application for this compound with the FDA can proceed. Our R&D focus going forward will be to out-license our diverse portfolio and remain focused on cardio-renal targets that are in alignment with future Company growth."