Anadys Pharmaceuticals in San Diego is also restructuring to account for a development failure. Out the door go 29 of 88 employees as it halts work on ANA975 for hepatitis B. Toxicology testing on ANA975, which was partnered with Novartis, delivered some discouraging news. CEO Lawrence Fritz says the remaining workers will concentrate their efforts on ANA598 for hepatitis C and ANA773 for cancer.
"With our cash balance of $69 million, we believe we have the resources to carry these two compounds forward to achieve meaningful clinical milestones," added Fritz.
- see this release from Anadys
- check out the San Diego Union-Tribune report
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