ARTICLE | Strategy
Cash management reports
August 2, 1993 7:00 AM UTC
Synergen Inc. (SYGN) and Centocor Inc. (CNTO) reported positive progress in their crash programs to slash spending.
CNTO surpassed its $15 million cash-burn rate goal for the second quarter ended June 30, burning $12.2 million. Spokesperson Richard Koenig said CNTO plans to achieve burn rates of $10 million in the third quarter and $5 million in the fourth quarter through a mix of R&D cost-cutting and increased sales, plus the signing of collaborative agreements. Koenig said CNTO will have to do a marketing and distribution deal in which it would receive an up-front cash payment in order to meet the fourth-quarter target. ...