06/25/2021 | Press release | Distributed by Public on 06/24/2021 23:25
Leuven, BE, Boston, MA, US - June 25, 2021 - 07.00 AM CET - Oxurion NV (Euronext Brussels: OXUR), a biopharmaceutical company developing next generation standard of care ophthalmic therapies, with a clinical stage portfolio in vascular retinal disorders, today announced a restructuring plan to better align resources towards executing its clinical development strategy, including advancing its two novel programs, THR-687 and THR-149. Following a detailed review of its operations and growth opportunities, Oxurion will no longer make direct investments in non-core activities, including research in dry AMD and oncology (Oncurious).
Tom Graney, CFA, Chief Executive Officer of Oxurion, comments:
'Today's decision means we are now focusing all our resources on progressing our two exciting clinical programs THR-687 and THR-149, which we believe could play a key role in improving clinical outcomes for patients with a number of important retinal vascular diseases such as DME, wet AMD and RVO which today represents a greater than $12 billion market opportunity.
This decision has been made to align our organization and resources with the Company's strategic priorities so that we can maximize value creation in the most capital efficient way, whilst safeguarding our scientific and clinical leadership position in the global retina community.
The changes we have announced will not impact our clinical development timelines which we have previously communicated. We are expecting to begin the Phase 2 development of THR-687 in DME in mid-2021 and are on-track to deliver the initial Part A data from the Phase 2 trial with THR-149 in DME later this year as planned.
Unfortunately, a number of Oxurion associates are impacted by today's changes and I can assure you that we are taking all the measures we can to assist them towards their next career opportunity. I would like to deeply thank those colleagues that are impacted for their contributions to Oxurion and in helping us make the important progress we have made to date.
Finally, I would like to take this opportunity to confirm our commitment to Belgium as our prime business location and home to the vast majority of our employees.'
The Company will further report on the outcome and impact of today's decision as part of the Half Year Results Business & Financial Update of September 9, 2021.