Monday, June 9, 2008

Targanta asks for EU approval of new antibiotic

By Mass High Tech Staff

Cambridge biotech firm Targanta Therapeutics Corp. reports it has filed an application with the European Medicines Agency to seek approval of its experimental antibiotic oritavancin.

Targanta (Nasdaq: TARG) CEO Mark Leuchtenberger told Mass High Tech  that his company hopes to launch oritavancin, the firm’s lead product candidate, in the United States in 2009 to compete with Lexington-based Cubist Pharmaceuticals Inc.’s (Nasdaq: CBST) Cubicin and other treatments for antibiotic-resistant infections.

Targanta has asked the EMA to approve oritavancin as a treatment for complicated skin and soft tissue infections caused by certain bacteria such as deadly MRSA, or methicillin-resistant Staphylococcus aureus. The company requested U.S. Food and Drug Administration approval of the antibiotic in February 2008 and expects the agency to act on its application by December 2008.

The company, which also has operations in Montreal and Indianapolis, reported a 2007 net loss of $63.4 million, with no revenue. The firm listed 86 employees as of March 2008.