In the wake of a failed trial for its key drug MC-1, Medicure Inc. said it will cut approximately 50 employees and full-time consultants over the next month, as part of a restructuring plan. The company also said that further reductions may occur over the next several months.

These changes follow the company's announcement that it does not plan on submitting an application for MC-1 marketing approval to the US Food and Drug Administration for the CABG indication at this time. This decision was based on an analysis of the data from its pivotal phase III MEND-CABG II clinical trial that showed that it did not meet the primary endpoint. The trial was designed to evaluate the effect of Medicure's lead product MC-1, versus placebo, on the incidence of cardiovascular death or nonfatal myocardial infarction up to and including 30 days following coronary artery bypass graft (CABG) surgery.

As a result of the recently announced restructuring, the company now expects the cash position will be sufficient to fund operations into the first quarter of fiscal 2009. Medicure is currently exploring alternatives for strengthening its financial position and will provide additional guidance as appropriate.

The company's near term focus will be on its commercial asset Aggrastat and the development of MC-1 for chronic cardiovascular and metabolic disease.

"We would like to thank our employees for their dedication and hard work. We have made a very difficult decision to downsize the organization in order to minimize our burn rate, extend our working capital and focus on Aggrastat and other possible applications of MC-1," said Albert Friesen, president and CEO, Medicure.
The company also announced the retirement of Mr. Jan-Ake Westin as Medicure's vice president, Clinical Development.

"We would also like to thank Jan-Ake for his leadership and efforts in managing the company's clinical programme." said Dr. Friesen.