Tekmira Pharmaceuticals Corporation that has been attempting to create a potential treatment for the Ebola virus will suspend its research on Ebola drugs and soon change its name.
The experimental treatment for Ebola has high possibilities to fail in a clinical trial and hence the company aims in focusing on experimental treatments for the hepatitis B virus. The company will soon change its name to Arbutus Biopharma Corp which will be effective from August 3. Its sticker symbol will become "ABUS".
The new name Arbutus Biopharma Corp will reflect its combination with OnCore BioPharma, which the Tekmira bought in March.
The company is intending to have a minimum of 4 drugs in clinical development in early 2016, as they do not have any approved drugs. Also it aims to acquire other drugs to study them in combinations.
The Ebola outbreak took more than 11000 lives, which was first reported in March 2014. The search for more effective treatment for Ebola began after experimental drugs of Tekmira was used in one patient in 2014. Other companies like NewLink Genetics Corp., Inovio Pharmaceuticals Inc., GlaxoSmithKline PLC and Allergan PLC's MAPP Pharmaceuticals unit were also involved in finding effective Ebola treatment.
Tekmira is currently re-evaluating its development contract with the U.S. Department of Defense and will halt work on its drug TKM-Ebola. The design of the drug is based on its ability to block the genes that help the virus reproduce and spread.