NEW YORK (GenomeWeb News) – Proteome Systems today said that it would shut down its drug development business and focus solely on biomarker-based diagnostics operations.
The Sydney, Australia-based firm has been trying to develop a therapeutic compound portfolio since its merger with Eukarion in 2005. However, that portfolio “no longer fits with our corporate development strategy,” the company said.
Proteome said it will continue research via funding from the US government but will close its Boston office within the next three months. It said that it will retain the rights to a portfolio of assets covering antioxidant compounds for dermatological and neurological indications, and it will consider out-licensing opportunities.
The firm expects the closure of its US operations to save $550,000 per year starting in February 2009.
Proteome said it will focus on its near-term revenue-generating programs, particularly a collaboration with Bayer CropSciences for its WheatRite test for wheat quality and a partnership with Becton Dickinson for a tuberculosis test.