Adventrx slashes staff and refocuses in restructuring

San Diego-based Adventrx Pharmaceuticals has cut about a quarter of its workforce and announced the departure of its CEO as the developer concentrates on filing an NDA for its two lead programs. All resources will now be centered on advancing ANX-530 and ANX-514, the company says. CEO Evan Levine resigned on October 17 and the company says an executive team will lead the company until a replacement is found. The cuts--which reduce the staff by nine positions--will allow the company to continue to operate with the cash that it has on hand until the middle of 2009.

"While the decision to let go employees, particularly those who have been with the company for many years, was difficult, the changes announced today give the company the opportunity to advance its lead product candidates towards commercialization and to demonstrate their value, which we believe has been underappreciated by the market," said chairman Jack Lief.

- take a look at the press release
- read the story from RTT News

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