Following trial failure, Favrille cuts staff

Thu, 29 May 2008 06:59:54 -0400

San Diego's Favrille is making massive cuts following the trial failure of Specifid announced earlier this week. The company is axing 132 of its 144 employees, including six of its eight executive officers. There was no word on which of the 12 remaining employees would be managing the company. Specifid was treatment for follicular B-cell non-Hodgkin's lymphoma. The drug failed both primary and secondary endpoints in a Phase III trial. The company's stock plunged 90 percent after the announcement on Tuesday and another 30 percent yesterday.

- see the layoff announcement
- read this report for more

Favrille dumps Specifid after trial failure

Tue, 27 May 2008 06:59:57 -0400

San Diego-based Favrille has halted development of Specifid, a treatment for follicular B-cell non-Hodgkin's lymphoma. In a Phase III trial the drug failed to show a statistically significant improvement in the treatment arm, failing both primary and secondary endpoints.

"We are clearly very disappointed with the data from this trial, particularly on behalf of the patients and their families," said John P. Longenecker, Ph.D., President and Chief Executive Officer of Favrille. "Based on these results, we are discontinuing development of Specifid and are currently evaluating steps to conserve cash and recognize value on our assets.

- here's Favrille's release for more

Related Article:
Favrille raises $45M for Phase III work