BioCryst Pharmaceuticals has laid off 19 workers--about 20 percent of its staff--as it cuts back, waiting for key data on its experimental therapies. CEO Jon Stonehouse told the Birmingham News that the company plans to rely on its $74 million stockpile of cash rather than turn to the roiled capital markets anytime soon.
"The capital markets are pretty tough right now," Stonehouse said in an interview with the newspaper. "We want to make sure that we use our cash very prudently and don't need to go back to the capital markets to get to our key milestones."
BioCryst plans to release new data on the flu drug Peramivir. Data from a mid-stage trial conducted by Shionogi will be presented later this month. And BioCryst also plans to release data from a study involving hospitalized flu patients. The developer also has research underway on the cancer drug Fodosine and BCX-4208, a treatment for autoimmune diseases.
- read the report from the Birmingham News