Adventrx goes skeletal as it searches for a rescue

A struggling Adventrx is cutting down to a skeleton staff, suspending its remaining development activities and concentrating all its attention on deal-making.

Adventrx's remaining staff is being reduced to a core group of five. The group includes the company's chief business officer, its general counsel, its senior vice president of operations, its vice president of regulatory affairs and quality and its manager of accounting. They "will focus their efforts primarily on continuing to evaluate and execute strategic options."

"Along with the reductions we implemented in October 2008 and January 2009, and our prior cost-containment measures, the changes we announce today will extend our cash cliff and increase the opportunity for us to close a strategic transaction with one of the parties with whom we currently are in discussions or another company we identify in the future," said CBO Brian M. Culley.

The biotech company, which has been studying oncology therapies, saw its stock trading at 10 cents a share this morning.

- check out the Adventrx release [1]

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Adventrx slashes staff and refocuses in restructuring [4]