Struggling from the withdrawal of a key development partner and last week's mid-stage failure of an intranasal obesity therapy, Bothwell, WA-based MDRNA announced today that it will cut 30 percent of its workforce. P&G pulled out of its partnership with the developer, which had been called Nastech, after a nasal spray for osteoporosis therapy proved disappointing last fall. Among the 23 staffers getting pink slips are the company's president, CSO and chief business officer. The bulk of the cuts are in the company's nasal operations.
"We were looking for opportunities to move the entire nasal operations, including personnel, and although we're finding continued interest in those assets the likelihood it would be the entire business is not as high as it was," said CEO J. Michael French in an interview with the Seattle Post-Intelligencer.