Polyphor reinvents itself after abandoning antibiotic trial

Spexis AG

04/09/2019 08:03

ZURICH, Sept 4 (Reuters) - Drugmaker Polyphor  POLN.S  is
hiring new managers and shifting focus after a trial of its top
antibiotic hopeful proved too dangerous to continue, the Swiss
company said on Wednesday.
    Chief Financial Officer Kalina Scott is leaving as Polyphor
redirects its attention to the late-stage immuno-oncology asset
balixafortide that it hopes proves effective against a type of
metastatic breast cancer. Scott, who joined in 2017, will be
replaced by Hernan Levett, now CFO at Auris Medical  EARS.O . 
    Polyphor's prospects and its share price plunged this year
when it halted a trial of its intravenous murepavadin antibiotic
against pneumonia due to a risk it could damage kidneys. While
it is still developing inhaled murepavadin for cystic fibrosis,
the scotched trial was a major blow.  urn:newsml:reuters.com:*:nFWN22L1CI
    "The company expects inhaled murepavadin should not lead to
kidney toxicity, given its much lower dose and local
administration," Polyphor said in a statement with its
first-half earnings report.
    In other management changes, Frank Weber is leaving the
board to become chief medical and development officer, Gokhan
Batur is joining as chief commercial officer and oncologist
Frank Ringeisen is joining as the new cancer head. 
    Polyphor's first-half loss widened to 27.9 million Swiss
francs ($28.6 million), from about 21 million francs in the same
period a year earlier. Cash levels fell to 97.2 million francs
on June 30, down from 133.8 million francs six months earlier.
    The shares cost less than less than 7 francs, about a fifth
of levels reached after their 2018 initial public offering. Its
market capitalisation, once 400 million francs, is now less than
80 million francs.
    
($1 = 0.9745 Swiss francs)

 (Reporting by John Miller
Editing by Edmund Blair)
 ((J.Miller@thomsonreuters.com; +41 58 306 7734; Reuters
Messaging: j.miller.thomsonreuters.com@reuters.net))