Commercial-stage biotech Trevena ( NASDAQ: TRVN ) announced several key measures to extend its cash runway until mid-2023 including a 25% reduction in employees and termination of a contract sales force agreement.
In addition, the developer of OLINVYK pain medication announced that the company signed a contract with a hospital group purchasing organization (GPO) in July to widen the access to the drug across member hospitals.
The reduction of full-time staff and the end of the contract sales force agreement with Syneos along with other steps, “will collectively help reduce operating expenses and extend the cash runway to mid-2023,” Trevena ( TRVN ) said.
Management expects the decisions will allow it to support its main strategic priorities including the improving commercialization of OLINVYK and the development of TRV045, a candidate for diabetic neuropathic pain.
The company reported nearly $49.5M in cash and equivalents at the end of June and recorded no net sales of OLINVYK for the quarter. Trevena ( TRVN ) remains on track to complete its Phase 1 study for TRV045 in 2H 2022.
Additionally, the company disclosed topline data from a post-approval study designed to evaluate the cognitive impact of OLINVYK on patients who received the FDA approved therapy compared to those who were treated with IV morphine.
For further details see:
Trevena ends Syneos sales contract, reduces staff to extend cash runway