Posted on 06/11/2008 in Pharmaceutical Company Product News Pfizer has announced that it is to terminate its phase III development programme for its investigational compound (CP-945,598).
Used for weight management, the compound is a selective antagonist of the cannabinoid type one (CB1) receptor, with the company believing that it has the potential to be a safe and effective treatment for weight management.
The decision follows current available information to the company and an ongoing review of the programme by an independent data monitoring committee, along with changing regulatory perspectives on the risk/benefit profile of the CB1 class.
Martin Mackay, president of Pfizer Global Research and Development, said that the company is confident in the compound, however the decision follows consultation with regulatory authorities.
He added: "As part of our ongoing portfolio prioritisation, we will refocus research and development resources on high priority therapeutic areas that address an unmet medical need and have a high probability for success."
Based in New York, 2007 saw Pfizer earn $48.4 billion (30.43 billion pounds) in revenues, with investment in research and development reaching $8.1 billion.
The company has listings at the New York Stock Exchange, London, Euronext and Swiss, with pharmaceutical products including Norvasc, Celebrex, Viagra and Chantix.
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