ARYx Therapeutics, Inc. (NASDAQ: ARYX) today reported results of
operations and provided an update on its products for the fourth quarter
and year ended December 31, 2009.
"2009 was a year of mixed results for ARYx. We continued to progress
with the development of our three lead product candidates towards
achievement of the target profiles we had set for them. However, the
consequence of not completing a licensing agreement for budiodarone, our
novel antiarrhythmic agent, to a large pharmaceutical company left ARYx
in a difficult situation. We committed in February 2010 to optimize the
value in the near-term that we believe exists for each of our product
candidates by retaining Cowen and Company, an investment bank, to
explore strategic alternatives. At the same time, we substantially
reorganized the company to support this process and to reduce our
spend," said Dr. Paul Goddard, chairman and chief executive officer of
ARYx.
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