Renovis pares work force in restructuring

Hammered by the failure of its stroke drug in a clinical trial last fall, Renovis has pared its work force from 115 to about 70 through attrition and layoffs. Researchers are now focusing on developing the company's early-stage drugs for pain, inflammation and the nervous system. Renovis has about $105 million in cash which can last through 2009 at the lowered burn rate. Renovis was dealt a serious setback in October when it announced that a study involving 3,200 stroke victims failed to demonstrate that NYX-059 worked any better than a placebo.

- check out Renovis' release on the layoffs
- read the report on Renovis from the San Jose Mercury News

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