Related articles:

ImaRx to shift focus to sale of approved drug

Other articles by Jack Gillum:

2 in mortgage probe had prior run-insSprint customers have to find new Internet providers2 Tucsonans accused of mortgage fraudTwo Tucsonans indicted in nationwide mortgage fraud sweepLocal home prices displaying normalcyRaytheon marks 1,000th Tomahawk deliveryImaRx, short on cash, cuts staff to 1Tucson airport in economic squeeze as airlines cut flightsRaytheon executive from Mass. to replace Francesconi in TucsonLouise Francesconi retiring as head of Raytheon Missile Systems

Production and Manufacturing
Pioneer Landscaping
Crushing Crew Trades/Construction
Pioneer Landscaping
Yard Person/Loader Operator Trades/Construction
Paragon Electric
Electricians General
Prestige maintenance USA
Custodian Trades/Construction
Wentz and Patrick Construction
Carpenters & Helpers Health Care
FRONT OFFICE Trades/Construction
Lectra-Serv, Inc
Electricians & Helpers

Tucson-based ImaRx Therapeutics Inc. said Wednesday it will shift its focus away from developing its "microbubble" stroke therapy and instead concentrate on boosting sales of an established drug.

ImaRx said concentrating on sales of urokinase, an anti-clotting drug the company acquired in 2006 from Abbott Laboratories, will help the company preserve precious capital.

At the same time, ImaRx said it will seek to transfer the cost of development of its SonoLysis stroke therapy, which uses tiny gas-filled bubbles with ultrasound to break up blood clots, to another company or investor, cutting expenses.

"This is not bad news for ImaRx," ImaRx CEO Bradford A. Zakes said in an interview.

"We're shifting a business strategy away from what was the company's cornerstone platform, but we're very unique, unlike many (developmental-stage) companies, we have a commercial product; it's generating revenue."

Urokinase, which Abbott marketed under the name Abbokinase, is an approved treatment for acute massive pulmonary embolism, or blood clots in the lungs. Through the third quarter of 2007, ImaRx sold $2.3 million worth of urokinase inventory it acquired from Abbott.

ImaRx, which employs 35 people at 1635 E. 18th St., signed a letter of intent with a Canadian company last week to manufacture urokinase. It also has won approval from the U.S. Food and Drug Administration to extend the expiration dates on some existing urokinase inventory.

Wednesday's announcement marks a major shift for ImaRx, which was founded in 1990 by UA radiologist Dr. Evan Unger. Unger's invention, which became ImaRx's Sono- Lysis technology, uses tiny ultrasound-activated bubbles to break up blood clots, the biggest cause of stroke. Unger left the company last year.

Earlier this month, ImaRx put a clinical trial for Sono- Lysis on hold, citing brain-bleeding in some study participants when used in combination with tissue plasminogen activator, or tPA, a clot- dissolving agent currently available to treat stroke.

Zakes said that development itself didn't prompt the decision to sell or seek a partner to help develop SonoLysis.

But it did make it more difficult to find financing for SonoLysis development, since the company had expected to move into clinical trials in the first half of this year, he said.

Zakes said the company is considering several options for future SonoLysis development that would still benefit shareholders, including partnerships, outright sale of the technology or a joint venture.

"We're keeping all options on the table, and we're on an aggressive timeline to determine strategic alternatives for SonoLysis," he said.

Any decisions on possible staffing cuts related to Sono- Lysis development would depend on the kind of arrangement the company reaches with a potential development partner or investor, Zakes said.

Shares in ImaRx closed Wednesday at $1.38, down 21 cents, in trading on the Nasdaq Stock Market.

The company went public last July with a first-day closing price of $4.79 per share.

Read more about local business news and trends at AzStarBiz.com.