Biotech employee reductions continued at record low levels in 2Q14, when at least four companies reduced their workforces compared to at least 13 in the same period last year. Only two companies announced force reductions in 1Q14, which was the smallest quarterly number since BioCentury began tracking downsizing events in 2002. All cash and operating loss figures in $M. (A) Nine-month operating loss for the period ended March 31

Date

Company

Staff cuts

Cash

Yrs cash
pre-cut

Cash date

3-mo op
loss ended 3/31

5/15/14

Navidea Biopharmaceuticals Inc. (NYSE-M:NAVB)

NA

$26

0.76

3/31/14

$8.6

Navidea will decrease investment in two clinical imaging agents - NAV4694 and NAV5001 - to reduce its burn rate while it ramps up sales of imaging agent Lymphoseek tilmanocept. Navidea reduced its R&D guidance for 2014 to less than $20M from $25M-$30M and projects 2014 Lymphoseek sales of $5M-$6M. The company said it would "dramatically" slow down Phase III trials of NAV4694 for diagnosing Alzheimer's disease (AD) and of NAV5001 for differential diagnosis of Parkinsonian syndromes from non-Parkinsonian tremor, with the goal of speeding them back up in 1H15 either with a partner or once cash flow increases. Navidea has rights to NAV5001, an iodine-123-labeled radiopharmaceutical used with SPECT imaging that binds to dopamine transporter sites in the brain, from Alseres Pharmaceuticals Inc. (OTCQB:ALSE), and to NAV4694, a fluorine-18 (F-18)-labeled PET imaging agent that binds beta amyloid, from AstraZeneca plc (LSE:AZN; NYSE:AZN).