Nventa Biopharmaceuticals Corporation today announced that it plans to consolidate its offices into its San Diego facility and will close its Victoria operations effective approximately June 29, 2007. This consolidation enhances operational efficiencies as the Company advances HspE7, its lead investigational drug candidate for the treatment of human papillomavirus (HPV)-related diseases, back into clinical studies.
"It is always a difficult decision to close an office especially when it affects talented employees who have contributed so much to Nventa," said Gregory M. McKee, President and Chief Executive Officer of Nventa. "However, our unwavering focus remains on the development of HspE7 in a manner intended to most effectively bring this critically needed therapy to patients and physicians within the HPV community. As we have completed the U.S. Food and Drug Administration review process for our Phase 1 trial of new HspE7, the bulk of our future HspE7 development efforts will be more clinically oriented, which are activities being managed from our San Diego facility. This consolidation increases capital resources for uses that we believe will provide the best return for our investors."
Peter Emtage, Ph.D., Nventa's Vice President of Research and Development, has agreed to relocate to the San Diego area and will continue to support and coordinate the clinical development of HspE7. The Company is planning to initiate a Phase 1 clinical trial in cervical dysplasia patients in mid-2007.
Mr. McKee concluded, "We remain committed, as always, to our dedicated Canadian shareholder base and fully intend to stay in close contact as we continue to achieve important corporate milestones."
About Nventa Biopharmaceuticals Corporation:
Nventa is developing innovative therapeutics for the treatment of viral infections and cancer, with a focus on diseases caused by the human papillomavirus (HPV). The corporation is publicly traded on the Toronto Stock Exchange under the symbol NVN.
For more information about Nventa Biopharmaceuticals Corporation, please visit the Company's website located at http://www.nventacorp.com.
"It is always a difficult decision to close an office especially when it affects talented employees who have contributed so much to Nventa," said Gregory M. McKee, President and Chief Executive Officer of Nventa. "However, our unwavering focus remains on the development of HspE7 in a manner intended to most effectively bring this critically needed therapy to patients and physicians within the HPV community. As we have completed the U.S. Food and Drug Administration review process for our Phase 1 trial of new HspE7, the bulk of our future HspE7 development efforts will be more clinically oriented, which are activities being managed from our San Diego facility. This consolidation increases capital resources for uses that we believe will provide the best return for our investors."
Peter Emtage, Ph.D., Nventa's Vice President of Research and Development, has agreed to relocate to the San Diego area and will continue to support and coordinate the clinical development of HspE7. The Company is planning to initiate a Phase 1 clinical trial in cervical dysplasia patients in mid-2007.
Mr. McKee concluded, "We remain committed, as always, to our dedicated Canadian shareholder base and fully intend to stay in close contact as we continue to achieve important corporate milestones."
About Nventa Biopharmaceuticals Corporation:
Nventa is developing innovative therapeutics for the treatment of viral infections and cancer, with a focus on diseases caused by the human papillomavirus (HPV). The corporation is publicly traded on the Toronto Stock Exchange under the symbol NVN.
For more information about Nventa Biopharmaceuticals Corporation, please visit the Company's website located at http://www.nventacorp.com.
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