Acorda Decides Tozadenant Isn’t Salvageable, Moves Primary Focus To Inbrija
Days after revealing seven cases of sepsis in trial participants receiving tozadenant – including five deaths – Acorda terminates development of the Phase III Parkinson’s candidate.
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Acorda is cutting jobs to save $21m annually and otherwise lowering expenses for a total of $60m in reduced costs in 2020 to focus on marketing Inbrija, but looming overhead is $345m in debt due in 2021. Meanwhile, ex-US partners and company buyers appear nowhere in sight.
Acorda can't seem to catch a break. The Federal Circuit slapped down the company's last ditch effort to uphold its Ampyra patents and three days later the FDA postponed a decision on Inbrija, widening the gap between the entry of Ampyra generics and the launch of Acorda's new drug.
Five funds raised more than $1bn to back biotech firms; Arcus leads recent VC rounds with $107m GV-backed Series C; Celgene, Valeant sell notes to retire debt; and Alnylam cashes in on investor goodwill.