A month after Schering-Plough pulled the plug on its collaboration with Novacea for a new prostate cancer therapy--Asentar--the little biotech company announced that it will cut its work force by more than half. Over the next two months Novacea's head count will dwindle from 37 to 15.
"While we believe the company is in a good financial position, the work force reduction was a very difficult decision for the management team, and we extend our sincere gratitude and appreciation to all of the affected employees," said Chairman and Chief Executive John P. Walker.
- see Novacea's release for more on the cuts
- read the AP report