AtheroGenics halves payroll as it scrambles to restructure

Faced with the April departure of a key development partner, AtheroGenics revealed that it has cut its work force in half, leaving 67 people on the payroll. This is just the first step in the company's restructuring plans, which revealed the cuts in documents filed with the SEC. More cuts are expected as the company circles its wagons around its lead candidate: AGI-1067. AstraZeneca pulled out of its partnership with AtheroGenics after a trial failed to show a significant difference from a placebo. Researchers, though, did say that the drug demonstrated efficacy for heart attacks, stroke and several diabetes parameters. The Alpharetta, GA-based company said it would reveal more of its plans on May 31.

- here's the report on AtheroGenics from the Atlanta Business Chronicle

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