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Miragen regains global rights to heart failure drug; lays off 26 employees

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Miragen regains global rights to heart failure drug; lays off 26 employees

Miragen Therapeutics regained the global rights to its heart drug MRG-110 after Les Laboratories Servier SAS terminated their development collaboration.

Boulder, Colo.-based Miragen and France's Les Laboratoires Servier initially entered into an agreement in 2011 to develop MRG-110 as a potential treatment for heart failure and other cardiovascular conditions. Following the termination, Miragen now owns the rights to MRG-110 in all indications and territories, in addition to U.S. and Japan which it retained as per the agreement.

Les Laboratoires Servier's decision was the result of a strategic review of its portfolio, Miragen noted. The French company will continue to support certain costs of development until February 2020.

Miragen plans to evaluate strategies for the drug, such as a new development program and licensing partner.

In other news, Miragen laid off about 26 employees, mainly in research, as part of a cost restructuring plan.

Under its cost reduction initiative, the company will cut investments in new discovery research to direct its resources for the further development of blood cancer therapy cobomarsen and microRNA-29 mimics, including pathologic fibrosis drug remlarsen.

Miragen projects about $1.5 million in restructuring charges for retention, severance and other restructuring-related costs in the third quarter. Meanwhile, its current cash, cash-equivalents and short-term investments are expected to be enough to fund the company's operations until the second quarter of 2020.