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Greenwich Pharmaceuticals

Executive Summary

Development of the anti-arthritic agent Therafectin has been halted following an FDA advisory committee review of the drug Jan. 27, Greenwich says Jan. 31. FDA rejected the Therafectin NDA in September; the Arthritis Advisory Committee ratified that decision at its Jan. 27 meeting ("The Pink Sheet" Jan. 31, T&G-9). Greenwich says it "has ceased substantially all of its efforts to secure U.S. marketing approval for Therafectin and will begin to pursue strategic partnerships and other business arrangements focused upon maximizing the value of the company's remaining assets." Greenwich has laid off 44 employees, or 65% of its work force. The company reports it will continue development of two other anti-arthritics, GW-80126 and GW-92527. The first Phase II trial of GW-80126 is expected to conclude this year

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