Tapestry to focus on TPI287 program

US firm Tapestry Pharmaceuticals, says it plans to focus all of its resources on advancing TPI 287's ongoing and previously-announced clinical trials. As part of the strategic plan, it is reducing its employee base by 28%. The company expects to eliminate 14 positions including executive and non-executive employees in all areas of operations. All clinical development staff will be retained.

"We continue to recruit patients for TPI 287's prostate and pancreatic cancer trials and we are moving forward with plans to initiate several other, previously-announced studies," said Leonard Shaykin, chief executive, adding: "Tapestry expects to report encouraging data from the Phase II prostate trial during our quarterly earnings call on November 5 and at our presentation at the Rodman & Renshaw conference in New York City on the same day."

Tapestry expects savings from this downsizing of personnel, and other cost saving measures, to total around $11.0 million (excluding the impact of eliminated capital expenditures) through the end of 2008. There will be a one-time cost of about $470,000 to implement this downsizing, the firm noted.