We've updated our Privacy Policy to make it clearer how we use your personal data.

We use cookies to provide you with a better experience. You can read our Cookie Policy here.

Advertisement
Vyteris Announces Redirection of Business towards the Advancement of Peptide Delivery
News

Vyteris Announces Redirection of Business towards the Advancement of Peptide Delivery

Vyteris Announces Redirection of Business towards the Advancement of Peptide Delivery
News

Vyteris Announces Redirection of Business towards the Advancement of Peptide Delivery

Read time:
 

Want a FREE PDF version of This News Story?

Complete the form below and we will email you a PDF version of "Vyteris Announces Redirection of Business towards the Advancement of Peptide Delivery"

First Name*
Last Name*
Email Address*
Country*
Company Type*
Job Function*
Would you like to receive further email communication from Technology Networks?

Technology Networks Ltd. needs the contact information you provide to us to contact you about our products and services. You may unsubscribe from these communications at any time. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, check out our Privacy Policy

Following the successful results of a completed Phase 1 clinical trial demonstrating that Vyteris’ patented Smart Patch transdermal technology delivered a peptide molecule in humans without the use of needles, Vyteris, with approval from its Board of Directors, has redirected its business to focus on the development of peptide delivery using its Smart Patch technology.

The company also stated this redirection will allow for the further development of small molecule delivery using its technology as well.

“Given the potential for success we have seen in our ability to deliver peptides into humans, we believe the greater opportunity for the company and its shareholders lies in focusing on additional partnerships and development initiatives in the peptide space,” said Timothy J. McIntyre, chief executive officer of Vyteris.

“Our technology has now proven successful delivery of certain peptides into humans and now we can work towards partnering with other biotechnology companies to advance their drug delivery beyond the current delivery mechanisms of subcutaneous (subQ) / intramuscular (IM) injections or intravenous (IV) infusions,” McIntyre said.

Given the opportunity within the peptide/small molecule arena, the company will de-emphasize its marketing efforts related to its LidoSite product. As a result, the company will immediately reduce its workforce by approximately 32 employees that were solely or partially dedicated to LidoSite.

This reduction in force, as well as reductions in variable spending related to LidoSite, will reduce the company’s ongoing working capital needs and monthly cash burn while allowing investment into peptide product delivery and development opportunities. Despite the de-emphasis on LidoSite, the company will continue to support LidoSite at the more streamlined level to maintain availability of the product at the current level of demand.

“While we continue to believe LidoSite can benefit venipuncture, dermatology, rheumatology and oncology practices and improve overall patient experience, we believe greater opportunities for success for Vyteris exist with biotechnology companies as well as large pharmaceutical companies, as they continue to search for new and innovative ways to improve their product portfolio,” McIntyre added.

Advertisement