Akesis Pharmaceuticals, a biopharmaceutical company, has filed for Chapter 7 and discontinued its sole clinical development program for AKP-020, a Phase IIa drug candidate for the treatment of diabetes mellitus.
“After analyzing the data from our three-month preclinical safety program, we have decided to discontinue the diabetes program and not pursue further regulatory submissions for this indication,” said Carl LeBel, PhD, president and CEO of Akesis. “Based on the renal changes resulting from the doses used in our preclinical safety program, the company and its expert advisors have determined that the safety profile of AKP-020 makes it no longer viable as a drug candidate in a chronic disease setting.”
As a result of the discontinuation of the AKP-020 program, the San Diego-based company also reported its intent to voluntarily file a Chapter 7 bankruptcy petition.
“Based on the discontinuation of our sole clinical development program, our cash position and current economic conditions, we have determined that we can no longer operate as a business enterprise,” LeBel noted.