Antigenics slashes staff in bid to conserve cash

Antigenics is slashing one-third of its staff and focusing on its "highest potential products" in a bid to fashion a successful new drug development strategy while conserving cash. The New York-based biotech says that it will eliminate approximately 81 jobs. Data analysis for its Oncophage kidney cancer trial should be completed in March of 2006. "We have elected to take decisive and prudent actions now in order to preserve our cash and position the company to maximize the full value of our diverse portfolio," said Garo H. Armen, Ph.D., chairman and CEO of Antigenics.

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