Alteon chief operating officer resigns, IND withdrawn

By Lisa Kerner

Erie, Pa., Feb. 1 - Alteon Inc.'s chief operating officer, Judith Hedstrom, resigned from the company effective Tuesday. Hedstrom had been responsible for Alteon's operations, including activities related to the development of alagebrium, according to a company news release.

Hedstrom's departure, as well as ongoing reduction in staff, is part of Alteon's efforts to better manage its resources, officials said.

Alteon previously announced it has engaged Burrill & Co. to assist the company in identifying options designed to diversify the company's product candidate portfolio and to enhance the ability to raise financing.

The company also said it has withdrawn its Investigational New Drug application from the Food and Drug Administration for its phase 2a study of alagebrium in erectile dysfunction. Rather than complete required additional preclinical testing of the drug, Alteon will commit to development of alagebrium in cardiovascular diseases.

Alteon's continued development of alagebrium is contingent upon the company entering into strategic collaboration agreements, which would include funding for product development, the company said.

Alteon is developing new classes of drugs that have shown the potential to reverse or slow down diseases of aging and complications of diabetes. The company is based in Parsippany, N.J.

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