Emisphere cuts staff, shutters facility

Emisphere Technologies says it will close its facility in Tarrytown, NY, relocate key workers to Cedar Knolls, NJ, and terminate staff as it joins the ranks of developers downsizing in the face of a severe economic crisis. The reorganization is expected to reduce the company's burn rate by $11 million a year, leaving Emisphere with $7 million to $8 million in annual expenses.

"The product pipeline and the value of the company and its technology have been overshadowed by the issues in the financial markets that many companies are facing today," said CEO Michael V. Novinski. The release did not detail how many staffers would be laid off.

The downsizing inside Emisphere will leave the company relying more on outside contractors. "The company will maintain and utilize its scientific expertise in chemistry, process chemistry, applied biology, formulation and animal testing, as well as commercial and business development."

- check out the Emisphere release [1]

ALSO: Chemokine Therapeutics announced that Deloitte & Touche has been appointed as trustee to act pursuant to the company making a proposal to its creditors under the bankruptcy act. The officers of the company have been relieved of their duties and the board of directors has resigned following the appointment of Deloitte as trustee. Chemokine release [2]

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