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The company had been developing a haemoglobin-based oxygen-carrying red blood cell substitute, PolyHeme, but was forced to evaluate its options after the product was rejected by the US Food and Drug Administration.
Northfield said on 8 May that the company had suspended most of its operations.
The company has now determined that the time and substantial expense needed for further clinical development of a reformulated version of PolyHeme, together with significant uncertainty that the FDA would grant approval, make it unlikely that sufficient additional capital could be raised to support such product development.
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