Vascular brachytherapy firm Novoste has suspended enrollment in its Mobile trial, a clinical trial initiated in 2001 to test the efficacy of vascular brachytherapy for the treatment of failed stents in the peripheral arteries.
According to the Norcross, GA-based developer, the current rate of enrollment in the trial would not likely result in the possibility of commercial approval of the product for at least three years. Patients enrolled in the trial prior to suspension of enrollment will continue to be followed, and the clinical data will be published when compiled, Novoste said.
In other news, the company has released more than 50 employees, representing 20% of its workforce. Along with other staff reductions this fiscal year, the firm has reduced headcount by 30% since January. The estimated annual cost savings of the latest reduction are in excess of $4.6 million, and the firm will record approximately $600,000 in one-time severance costs in the third quarter of 2003, according to the company.
By AuntMinnie.com staff writersAugust 27, 2003
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Novoste modifies clinical trial, February 26, 2003
Novoste shows downturn in 2002, February 6, 2003
Novak tapped as Novoste president and CEO, October 17, 2002
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