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

Suggested Articles

AbbVie snagged the option to license Harpoon’s anti-BCMA multiple myeloma candidate and the duo added up to six new targets to their discovery deal.

In this week's EuroBiotech Report, Bayer's heart failure drug clears phase 3 test, ABPI calls for more U.K. investment and GHO raises €975 million. 

In our EuroBiotech roundup this week, Azeria raises £32 million, Zealand delays phase 3 readout and Galapagos eyes early 2021 IPF futility analysis.