A new strategic direction is in store for Lipid Sciences, so the biotechnology company announced Wednesday, with the application and development of its novel technology of plasma delipidation.
Lipid Sciences is engaged in the research and development of products and processes to treat major medical indications, in which lipids, or fat components, play a key role.
Effective immediately, the company will focus research and development investment on its proprietary Viral Pathogen Inactivation (VPI) platform in a bid to measure the efficacy of the VPI platform technology on the HIV virus.
HIV is a lipid-enveloped virus that infects an estimated five million people and kills an estimated three million people each year. According to the company, the VPI technology successfully inactivates the HIV particle and has the potential to be a therapeutic treatment for this disease.
Lipid Sciences also announced that it will restructure its business operations. This restructuring is projected to reduce operating expenses in the second half of 2003 by approximately 30 per cent to 40 per cent, in comparison to the same period in 2002.
Richard G. Babbitt, Lipid Sciences chairman commented: "Our strategic plan calls for the targeting of our R&D efforts to maximize shareholder value in the months to come. We will now join together to begin the exhilarating process of focusing our efforts to assure our future."