Citing a strategic realignment, Cell Genesys has decided to slash 95 jobs -- one quarter of its work force -- as it scales back some of its operations and concentrates on its leading drug candidates. The biotech touted positive data last month on GVAX for prostate cancer, pancreatic cancer and leukemia. It also wants to push CG0070 for recurrent bladder cancer. Cell Genesys is putting its San Diego manufacturing site up for sale and will reduce its operations in Memphis. The biotech had $145 million in cash at the end of the first quarter.
"As with similar decisions in the past, we are implementing this restructuring from a position of financial strength and at a time when encouraging progress in our clinical trials gives us the opportunity to optimize portfolio management," said Stephen A. Sherwin, Cell Genesys chairman and CEO, in a statement.
- read this story [1] from the AP for more
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[1] http://www.forbes.com/smallbusiness/feeds/ap/2005/06/07/ap2079573.html