Nuvelo hands out pink slips--again

Hammered by the failure of its experimental blood clot drug in a recent clinical trial and Bayer's subsequent pullout from a development partnership, Nuvelo is reaching for the axe again. This time it plans to cut 30 percent of its workforce, leaving 80 workers in place. Through the course of the year, San Carlos, CA-based Nuvelo has sliced away close to half of its payroll. Out the door in this restructuring is CFO Ward Wolff. The biotech says it will continue to concentrate on developing alfimeprase as well as NU 206 and 172. The developer is suspending work on rNAPc2, a cancer therapy.

"We are confident that our current strategy focuses our resources on our highest priority programs and will allow us to build shareholder value," said Dr. Ted W. Love, chairman and CEO of Nuvelo.

- see the release on the layoffs
- here's the AP report on Nuvelo

Related Articles:
Archemix, Nuvelo expand collaboration pact. Report
Nuvelo shares tank on late-stage failure. Report
Nuvelo inks $385M development deal for Alfimeprase. Report