Dart NeuroScience, a developer of memory-improving drugs, is closing its operations in San Diego, laying off about 265 employees. Dart informed staff on Dec. 7 that company founder and owner Ken Dart had decided to stop funding the company.
Dart NeuroScience’s mission was to become the leading specialized pharmaceutical company for memory disorders by focusing on the discovery and development of innovative drugs and new methods to improve memory function.
In a statement, Dart blamed the lack of research progress for the closure of the pharma business.
“Despite an investment in excess of $700 million dollars over the past decade and despite the stellar effort of a capable and dedicated team of highly qualified scientists, Dart NeuroScience has not generated adequate signs of any human memory improvement or motor rehabilitation,” said Dart CEO Mark VanDevelde.
“The investment required to continue even some of these programs would run into several billion dollars, with questionable odds of success. As it is clear the investment is not viable, the board made the pragmatic decision to wind up operations,” Mr. VanDevelde said.
Dart NeuroScience CEO Ken Johns has advised employees and every effort will be made to support and assist staff as they seek new opportunities, he added.
The company will close operations on Feb. 9, 2018.
While Dart is mainly known in the Cayman Islands as a real estate developer, the company operates in multiple industries and countries with Cayman as its global headquarters.
Outside of the Cayman Islands, Dart has an extensive global investment portfolio covering real estate, biotechnology, finance and land holdings.