Threshold slashes staff in effort to cut burn rate

Refocusing its R&D efforts, Threshold Pharmaceuticals is cutting its 44-person workforce down to 32--including two senior executives. Threshold plans to concentrate on its hypoxia-activated prodrug program and the ongoing clinical trials of glufosfamide. Cathleen Davis, vice president of finance and controller, and Kevin Kaster, senior vice president, corporate development, are both on the way out.

In an effort to further reduce its burn rate, Threshold announced plans to reduce consulting and other "external" expenses. A little more than two weeks ago, Threshold announced that it would halt enrollment in a Phase II trial of glufosfamide after recording disappointing data in the study. Threshold says it has enough cash to fund operations through the first quarter of 2009.

- check out the release for more info

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