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