Renovis, Inc (SOUTH SAN FRANCISCO, California), a biopharmaceutical company that seeks to discover, develop, and commercialize therapeutics for inflammatory and neurological diseases, announced it has reduced its workforce by approximately 40% to approximately 70 employees. The restructuring was prompted by the failure of its lead drug candidate in a phase III clinical trial in stroke, and the lack of other compounds in clinical development. However, Renovis will maintain the research and development capabilities needed to advance the company's late-stage preclinical drug discovery programs. As of September 20, the company held nearly $100 million in cash, cash-equivalents, and marketable securities and it expects its current cash position to be sufficient to fund projected activities at least through the end of 2009.

The company's VR1 (vanilloid receptor) collaboration with Pfizer and its ability to advance its unpartnered programs focused on antagonists of the purinergic receptors P2X7, a potential target for inflammatory diseases such as rheumatoid arthritis, and P2X3, for chronic pain indications, are unaffected by the restructuring. The VR1 program is on track to enter clinical development in 2007 and is focused on the development of small-molecule inhibitors of VR1 for treating inflammatory pain (such as osteoarthritis pain) and other disorders. 

Animal studies have suggested that P2X7 plays a role in RA, inflammatory bowel disease and chronic obstructive pulmonary disease. Renovis recently selected a clinical candidate from its P2X7 program with the intention of initiating IND enabling studies in the first half of 2007 and has plans to advance the P2X7 and P2X3 programs into clinical studies in 2008.

—A. Techman

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