Migenix cuts costs to stretch cash

Tue, 27 May 2008 06:59:55 -0400

Canada's Migenix is cutting its staff in an effort to preserve cash. The company, which is developing the anti-infective drug Omigard, cut six workers, reduced its CEO's salary and downsized its board of directors as it awaits results from a Phase III trial of the drug. Migenix says it's also looking into additional sources of funding as it develops Omigard and another drug, MX-2401.

"We must preserve our cash during this very difficult financial market for biotech companies. With the significant value-driving milestones we expect during the second half of this year and the first half of next year--along with the potential start of Omigard(TM) related revenues--we must take these actions to extend our cash runway as long as possible while continuing to advance our greatest product opportunities," said Migenix's CEO Jim DeMesa.

- check out the release
- read this report for more