Genaera drops plan for wet AMD drug

Plymouth Meeting, PA-Genaera Corp. has decided to terminate its clinical development program for squalamine lactate (Evizon) for the treatment of wet age-related macular degeneration (AMD) after a comprehensive review of its portfolio and market conditions.

The company plans to lay off about 30% of its workforce.

It had been pursuing a multi-center, randomized, open-label phase II study of squalamine lactate. Rapid acceptance of new and off-label products that improve vision in wet AMD significantly curtailed the rate of subject enrollment in the study, however, the company said.

The company plans to focus instead on development of trodusquemine for the treatment of obesity.