The regenerative medicine developer Intercytex says it is axing half of its 76 staffers at facilities in the UK and Boston, giving it enough money on hand to fund operations through 2009.
"Despite the very positive progress being made on each of our clinical programs, with the markets in their current state it has become all too evident that these restructuring actions now need to be undertaken," said CEO Nick Higgins. "We look forward to announcing the Phase III Cyzact trial results within the near future and, with positive clinical results, concluding our partnering discussions."
The cuts came after Intercytex failed to raise £9 million from investors. At its current burn rate, the company would have run out of cash at the end of March. Its stock price plunged 30 percent on the news.
- read the story from Crain's Manchester Business