- 55% Reduction in Staff Since Start of Q4 2008
- Evaluation of strategic alternatives on-going
- Executive VP Steps Down and Resumes Board Role
SAN DIEGO, Jan. 5 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Alternext US: ANX) announced today that it has implemented a further reduction-in-force in an effort to extend its remaining cash and to prepare itself for a strategic transaction. This follows a reduction implemented in October 2008. In all, the Company's workforce has declined by approximately 55% since the beginning of the fourth quarter of 2008. Following the current reduction and other planned departures, the Company will have fourteen employees. In addition, the Company has substantially reduced or delayed spending on third-party consulting and vendor services, including contract manufacturing.
ADVENTRX's remaining employees will focus their efforts on continuing to evaluate strategic options, as well as continuing the Company's on-going bioequivalence study of ANX-514 (docetaxel emulsion) and activities related to submitting a New Drug Application for ANX-530 (vinorelbine emulsion). The cost-cutting measures announced today should not have a direct and immediate effect on the Company's previously announced timelines. However, any further cost-reductions or expense reductions/delays likely will have a negative impact the Company's development and commercialization plans.
As part of its overall cost-cutting measures, Mark N. K. Bagnall, who in April 2008 joined the Company as Executive Vice President and Chief Financial Officer, agreed to return to his prior role as solely a member of the Company's Board of Directors, and has agreed to provide consulting services on an as-needed basis.
"It's never easy to let go employees, particularly those who have been with the Company for many years and who have made contributions to the Company. Tho
|SOURCE ADVENTRX Pharmaceuticals, Inc.|
Copyright©2009 PR Newswire.
All rights reserved