San Diego-based Nventa Biopharmaceuticals is whacking eight of its 13 staffers as it ratchets back its expenses and stays focused on advancing its lead therapies. Out the door go Richard B. Lai Fatt, Ph.D., vice president of corporate development, and David Duncan, Jr., vice president of finance. It's all part of a restructuring aimed at reducing the company's cash burn rate by 30 percent. And the developer says that it will look for M&A opportunities to help bolster its finances.
"We are committed to the continued advancement of HspE7, Hsp 6/11 and Poly-ICR, and as such, we are making difficult yet necessary decisions today to ensure these products have every opportunity to succeed," said Gregory M. McKee, president and chief executive officer at Nventa. "As part of our commitment to the continued advancement of HspE7, Hsp 6/11 and Poly-ICR, we are aggressively seeking strategic alliances, including merger and acquisition opportunities, which will allow us to realize the greatest value for each of these important programs."
Nventa says it had $5.9 million at the beginning of October, enough money to reach the second quarter of next year.
- read the Nventa release