NitroMed eliminates 30 R&D positions, seeks partner for cardio-renal compound NMI 3377

By Elaine Rigoli

Tampa, Fla., March 30 - NitroMed, Inc. said that roughly 30 of its research and development positions will be eliminated effective March 31.

The company will focus on the continued development of an extended-release formulation of BiDil (isosorbide dinitrate/hydralazine hydrochloride) and on out-licensing and collaborations.

"We are seeking partners with whom to develop the company's portfolio of nitric oxide-enhancing technologies," chief scientific officer Gordon Letts said in a company news release.

"Among them is NMI-3377, a late-stage preclinical cardio-renal compound with nitric oxide-donating properties. This compound has a large market potential and the company is now actively seeking a partner so that our goal of filing an Investigational New Drug application for this compound with the FDA can proceed."

Related restructuring charges will be announced in early May in the company's first-quarter earnings report for the period ending March 31.

NitroMed said its priority project is on schedule as development continues on an extended-release formulation of BiDil. BiDil is currently available at a dosage of three times a day.

The company previously said it is working toward either a once- or twice-daily formulation of BiDil.

NitroMed is an emerging pharmaceutical company based in Lexington, Mass.

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