Corautus Genetics Announces Redirection of Focus and Transition Of Officers
04 11월 2006 - 6:10AM
PR Newswire (US)
ATLANTA, Nov. 3 /PRNewswire-FirstCall/ -- Corautus Genetics, Inc.
(NASDAQ:VEGF) announced today that at this time it does not plan to
conduct further clinical trials for VEGF-2 for the treatment of
cardiovascular and peripheral vascular disease and is redirecting
its focus to other life sciences opportunities. Corautus plans to
immediately reduce its cash spending and to continue identifying
other life sciences technologies that it could acquire or
in-license, or other life sciences opportunities. Corautus had cash
and short-term investments on September 30, 2006 of $19.7 million.
To achieve cost reductions and to position for this new direction,
Corautus has entered into separation agreements with Richard E.
Otto, President and Chief Executive Officer, and Robert T. Atwood,
Executive Vice President and Chief Financial Officer, and both will
cease being officers and employees of Corautus effective December
31, 2006. Mr. Otto and Mr. Atwood will remain on the Board of
Directors and each will serve as part-time consultants to Corautus
thereafter. Jack W. Callicutt, currently Vice President of Finance
and Administration and Chief Accounting Officer, has been elected
Senior Vice President, Chief Financial Officer and Secretary of the
company effective January 1, 2007. The company will conduct a
search for a new Chief Executive Officer to succeed Mr. Otto. The
company further announced that the employment agreements of Yawen
Chiang, Senior Vice President and Chief Scientific Officer, Michael
Steele, Vice President of Business Development, and Todd Stallings,
Vice President of Clinical and Regulatory, will also be terminated
before December 31, 2006. Dr. Chiang is expected to serve as a
part-time consultant to the company thereafter. The company had 13
employees on October 31, 2006 and expects to significantly reduce
the number of employees by December 31, 2006. Richard Otto, Chief
Executive Officer of Corautus, stated, "We believe the GENASIS
trial was one of the largest cardiovascular trials of its type that
has ever been conducted. Much information was gathered which may
assist in future scientific endeavors. As we previously reported,
the trial did not meet its primary endpoint. We have examined the
alternatives available to us and have concluded that further
clinical trials of VEGF-2 at this time are not in the best interest
of our shareholders. We have decided to preserve our cash and other
assets, significantly reduce our expenses and identify other life
sciences opportunities that have commercial promise. We believe
these steps are right for our shareholders at this time." About
Corautus Genetics Corautus Genetics is a biopharmaceutical company
which has been focusing on the development of gene transfer therapy
products for the treatment of cardiovascular (severe angina) and
peripheral vascular disease. Corautus has been developing a gene
therapy product candidate using the VEGF-2 gene to promote
therapeutic angiogenesis in ischemic muscle. About GENASIS GENASIS
was a randomized, double-blind, dose-ranging and placebo controlled
Phase IIb clinical trial, which treated 295 patients with Class III
or IV angina that were not suitable candidates for traditional
revascularization procedures. The GENASIS trial was conducted in
approximately 30 leading cardiac medical centers throughout the
United States. In the GENASIS trial, defined doses of VEGF-2 in the
form of "naked" plasmid DNA, a non-viral delivery vector, were
delivered to diseased heart muscle tissue via the Boston Scientific
Corporation Stiletto(TM) endocardial direct injection catheter
system. The injection procedure was performed by a cardiologist in
a standard cardiac catheterization laboratory. Forward-Looking
Statements This press release may contain forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements
are subject to certain factors, risks and uncertainties that may
cause actual results, events and performances to differ materially
from those referred to in such statements. These risks include
statements that address performance, events or developments that we
expect or anticipate will occur in the future, such as the
likelihood of identifying and securing life sciences opportunities
upon which to focus our resources and the adequacy of our cash
position to transition to new opportunities if found. These risks
are discussed in Corautus Genetics Inc.'s Securities and Exchange
Commission filings, including, but not limited to, the risk factors
in Corautus' 2005 Annual Report on Form 10-K which was filed on
March 20, 2006 amended by Corautus' Form 10-Q for the period ended
March 31, 2006 which was filed on May 15, 2006. All forward-looking
statements included in this document are based on information
available to Corautus on the date hereof, and Corautus assumes no
obligation to update any such forward-looking statements. CONTACT:
Corautus Genetics Inc. Jack W. Callicutt (404) 526-6210 DATASOURCE:
Corautus Genetics, Inc. CONTACT: Jack W. Callicutt of Corautus
Genetics Inc., +1-404-526-6210, Web site: http://www.corautus.com/
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