Monday January 26, 2009
Drug companies that attempt to create and test new multiple sclerosis medications seem subject to a lot of drama these days. There seems to be a squeeze on available money and that is making investors nervous. Those investors, in turn, are trying to force companies to partner and be bought out. Here's one story:
Avigen Inc., a company which was developing a drug to control muscle spasticity in multiple sclerosis had to fire around 70% of its employees when its drug failed to pass a clinical trial. Now, the company's number one shareholder (a venture capital fund called Biotechnology Value Fund or BVF) is trying to force a change in leadership at the company and a merger with another company called MediciNova Inc. MediciNova is also working on a multiple scerlosis drug (read the full press release).
I feel bad for all the researchers and patients who get caught up in the business side of things. I'm not naive and I know that developing new treatments and medications costs money and relies on businesses that are willing to take risks and invest in new medical technologies. But it just seems that recently there have been a lot of decisions made for business reasons and I'm just afraid that researchers who could be making progress are having to struggle to keep their jobs. It's a shame.
This article was written By Julie Stachowiak, Ph.D., About.com Guide to Multiple Sclerosis
Leaving Comments, Suggestions and/or Questions, are Always Appreciated. - Thank youAvigen Inc., a company which was developing a drug to control muscle spasticity in multiple sclerosis had to fire around 70% of its employees when its drug failed to pass a clinical trial. Now, the company's number one shareholder (a venture capital fund called Biotechnology Value Fund or BVF) is trying to force a change in leadership at the company and a merger with another company called MediciNova Inc. MediciNova is also working on a multiple scerlosis drug (read the full press release).
I feel bad for all the researchers and patients who get caught up in the business side of things. I'm not naive and I know that developing new treatments and medications costs money and relies on businesses that are willing to take risks and invest in new medical technologies. But it just seems that recently there have been a lot of decisions made for business reasons and I'm just afraid that researchers who could be making progress are having to struggle to keep their jobs. It's a shame.
This article was written By Julie Stachowiak, Ph.D., About.com Guide to Multiple Sclerosis
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