Adventrx sheds staffs, hunts for partners

Struggling Adventrx Pharmaceuticals says that it has cut more than half of its workers since the beginning of the fourth quarter last year as it scrambles to preserve cash. And it's also cut back on consulting and vendor services, which includes contract manufacturing work.

San Diego-based Adventrx is left with 14 employees focused primarily on two late-stage oncology drugs, which it bills as reformulations of existing therapies. The developer is looking for partners on both programs and adds that the recent cuts won't affect its most recent development timelines. Any further cuts, it adds, would likely have a "negative impact" on commercialization and development plans. Its shares closed Monday at 9 cents.

"It's never easy to let go employees, particularly those who have been with the company for many years and who have made contributions to the company," said Adventrx Chairman Jack Lief. "Though difficult, the changes we announce today are the right moves for the company's stockholders and provide the best opportunity to find the right strategic partner or partners."

- read the report from RTT News