Ore Pharmaceuticals Inc. autoimmune, gastrointestinal news

Ore restructured and reduced headcount by 49 (69%) to 22 to focus on clinical development and commercialization. The cuts will come from drug discovery and administrative departments. The company will seek development and commercialization partners to advance its lead compound, GL1001. It expects to file an IND for the small molecule inhibitor of the angiotensin-converting enzyme 2 (ACE2) before the end of the month and plans to initiate clinical trials of the compound in gastrointestinal inflammation in 2H08. Ore also will seek to advance in-licensed compounds into Phase II trials for new indications. ...