Renovis laying off 40 percent of staff |
|
|
|
Published
:
Tue, 23 Jan 2007 23:38
|
SOUTH SAN FRANCISCO, Calif. (AFX) - Biopharmaceutical company Renovis Inc. said late Tuesday it is laying off 40 percent of its workforce as part of a plan to reduce spending and advance its development pipeline.The job cuts will result in a $1 million first-quarter charge, and will leave Renovis with about 70 employees. Affected workers are being provided severance and career transition assistance.The layoffs come several months after the company's stock plummeted on news that partner AstraZeneca PLC halted development of a stroke drug following its failure in a late-stage clinical trial.'Each of our proprietary programs has the potential to yield breakthrough treatments for major medical needs in neurological or inflammatory disease indications and this action properly staffs us to advance these late-stage preclinical programs into the clinic with existing financial resources,' said Corey S. Goodman, Renovis president and chief executive.Renovis said it wants to focus on advancing its late-stage drug discovery programs. The company currently develops drugs to treat pain and inflammatory diseases, and said its collaboration with Pfizer Inc. will not be affected by the job cuts.The company's deal with Pfizer covers VRI antagonists aimed at treating pain and inflammation. The products have not yet entered early-stage clinical trials.Shares of Renovis rose 6 cents to close at $3.45 on the Nasdaq, and edged up 10 cents in aftermarket activity to $3.55.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
|
|
|
| Stock
Quotes * |
|
NASDAQ
|
|
2792.28 |
22.57 (
0.81 %)
|
| SYMBOL (
2012-01-19 ) |
| LAST |
CHANGE
|
|
CARNIVAL
(
11:35am )
|
|
2017.00 |
46.00 (
2.42 %)
|
|
WHITBREAD
(
11:35am )
|
|
1662.99 |
33.99 (
2.09 %)
|
| SYMBOL (
2012-01-19 )
|
| LAST |
CHANGE
|
|
IBM
(
12:34pm ) |
|
181.50 |
0.43 (
0.24 %)
|
| SYMBOL (
2012-01-19 )
|
| LAST |
CHANGE
|
|
|
Print this Story
Coley ends Actilon program, cuts staff 