INEX restructures, lays off workers

Vancouver-based Inex Pharmaceuticals is cutting more than half of its workforce and bidding farewell to several top executives, including CEO David Main. Also leaving INEX are Tom MacRury, senior vice president of technical operations, and Alexandra Mancini, senior vice president of clinical and regulatory affairs as the company reduces its payroll from 57 employees to 22. After severance payments, INEX says it will have $16 million of cash on hand to push ahead into 2006. The remaining workers will focus on advancing its lead cancer drug Marqibo along with other experimental drugs in the pipeline. Timothy M. Ruane has been appointed president and chief operating officer.

- read this release for more

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