Two weeks after telling investors about its efforts to raise new funds to continue to operate the company, San Diego-based Metabasis Therapeutics today unveiled plans to slash its remaining staff by 85 percent. And raised the prospect of shutting the company down.
Out the door go 45 staffers, leaving seven people in place to pursue its remaining strategic alternatives. Barring a last-minute save, the developer says that it may be forced to shutter the company entirely.
Metabasis reported an $8.2 million loss in the first quarter. It cut more than half its work force last fall, and then suspended programs and made fresh cuts early this year. The developer received a de-listing notification from Nasdaq on May 21. Metabasis has been developing therapies for metabolic diseases.
- check out the Metabasis release