Back in May, Bothell, WA-based Sonus Pharmaceuticals announced plans to merge with OncoGenex Technologies and operate under the name OncoGenex Pharmaceuticals. Today the new company started things off by cutting almost half of its workforce. In an interview with the Seattle Post-Intelligencer, CEO Scott Cormack said that the 27 employees worked in either overlapping financial and administrative roles or in lab functions, which OncoGenex plans to outsource. Most of the company's products are in clinical trials so lab employees are no longer necessary. OncoGenex now has 25 full-time employees. The move conserves cash which will help OncoGenex fund clinical trials through 2009.
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ALSO: OncoGenex's OGX-011 received Fast Track designation from the FDA in combination with docetaxel for progressive metastatic prostate cancer. OGX-011 is currently completing five Phase 2 clinical studies. Release