Like so many other small drug developers, Maryland-based EntreMed announced today that it will cut 60 percent of its workforce and focus all its development activities on its lead drug program. ENMD-2076 is currently in Phase 1 clinical trials for solid tumors and multiple myeloma. EntreMed anticipates reporting clinical data in mid-2009. In a release, the company said its three other drugs--MKC-1, ENMD-1198 and Panzem--show promise but will only be developed if the company finds additional financial resources. EntreMed will "reduce all research activities to the minimal level necessary" and look to arrangements with third parties to keep costs down.
As part of the layoffs, CEO Jim Burns and CFO Dane Saglio's jobs will be cut. Senior Vice President of R&D, Kenneth Bair, and Senior Vice President of Corporate and Business Development, Thomas Bliss, are also on their way out. Chief Medical Officer, Carolyn Sidor, will oversee clinical development and Mark Bray, Vice President Research, will lead the research support for the Company's clinical activities.
"These are difficult economic times for biotech companies. EntreMed has made the transition to a clinical organization, so a smaller focused organization will allow us to preserve cash and concentrate on ENMD-2076," said outgoing CEO Burns. EntreMed says it now has enough money to support the company for the next 18 months.
- here's EntreMed's release