Tiny XTL cuts costs, jobs

New York-based XTL Biopharmaceuticals won't be able to recover from the failure of its diabetic neuropathic pain drug bicifadine. XLT announced today that it is laying off nine employees, or 75 percent of its workforce. The remaining employees will be responsible for seeking potential assets or a company to merge into XTL, or for assisting in the liquidation on of XTL's assets. Shares of the company plunged in November when the developer announced that a mid-stage trial of its lead program bicifadine failed to hit its primary endpoint.

- here's XTL's release