Restructuring Watch

Restructuring Watch

Date Company Staff cuts Cash Years cash pre-cut Cash date Oper loss for 3 mos ended 3/31
4/2/09 Vermillion Inc. (Pink:VRMLQ) Not disclosed $1.9 0.13 9/30/08 $11 (A)
Files for Chapter 11 bankruptcy; focusing on its 510(k) application for OVA1, an ovarian tumor diagnostic that distinguishes between benign and malignant pelvic masses and is partnered with Quest Diagnostics Inc. (NYSE:DGX)
4/9/09 Cleveland BioLabs Inc. (NASDAQ:CBLI) 33% to 32 $6.7 0.47 12/31/08 $14.3 (B)
Cuts were mostly in R&D; focusing "virtually all" of its resources on developing Protectan CBLB502, a radioprotectant derivative of flagellin in Phase I testing for acute radiation syndrome (ARS); cash includes $5.4M from a March private placement
4/13/09 Vasogen Inc. (TSX:VAS; NASDAQ:VSGN) 67% to 2 $5.8 0.76 2/28/09 $1.9
Continues to review strategic alternatives after development of

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