Another round of job cuts at the struggling Replidyne will leave only a skeleton staff of five on the payroll of a biotech company that once employed 85. Replidyne was dealt a crushing blow last year by the FDA, which refused to approve its experimental antibiotic without further trials. That decision caused Forest Laboratories to bow out of a $190 million collaboration.
In this latest move, the Louisville, CO-based biotech says it is suspending its two remaining programs and CEO Kenneth Collins says he's looking to sell or merge the company or possibly just sell its drug development programs. Replidyne says it will spend slightly more than $3 million in axing the next 19 jobs.
"The process we are conducting involves a number of alternatives including merger or acquisition of the company together with the possible sale of our C. difficile and DNA replication inhibition programs," said Collins. "While the process is ongoing, we are encouraged by our progress to date."
- check out the Replidyne release
- read the report from the Denver Business Journal