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Apr 06, 2009
 |  BioCentury  |  Finance

Restructuring watch

Restructuring watch

Date Company Staff cuts Cash Years cash pre-cut Cash date 12-mo op loss ended 12/31/08
1/9/09 Array BioPharma Inc. (NASDAQ:ARRY) 10% to ~350 $82.6 0.77 12/31/08 $53.9 (6-mo op loss ended 12/31/08)
Seeking partners for ARRY-162, an MEK inhibitor in Phase II testing for rheumatoid arthritis (RA); ARRY-520, a kinesin spindle protein (KSP) inhibitor in Phase II testing to treat acute myelogenous leukemia (AML) and multiple myeloma (MM); and ARRY-403, an IND-phase small molecule glucokinase activator (GKA) to treat Type II diabetes
1/12/09 EpiCept Corp. (NASDAQ:EPCT; SSE:EPCT) 65% to 13 $25.8 (incl $25M raised in Feb) 1.17 12/31/08 $22.0
Discontinuing drug discovery to focus on registration of Ceplene histamine dihydrochloride, a histamine receptor agonist for AML in North America; seeking a European partner for Ceplene; plans to partner or sell its ASAP drug discovery technology; expects the changes to reduce its annual expenses by $5.5M
1/13/09 Neurobiological Technologies Inc. (NASDAQ:NTII) 76% to ~7 $23.3 1.03 12/31/08 $11.3 (6-mo op loss ended 12/31/08)
Reviewing its preclinical programs in Alzheimer's disease and Huntington's disease (HD)
1/15/09 Bionovo Inc. (NASDAQ:BNVI) 15% to 40 $13.6 0.79 12/31/08 $17.3
Cut R&D; focusing on two Phase II compounds: Menerba (MF101), an estrogen receptor beta selective agonist for hot flashes; and BZL101, an aqueous extract from herb Scutellaria barbata D. Don for breast cancer
1/15/09 Xoma Ltd. (NASDAQ:XOMA) 42% to 197 $10.8 0.28 12/31/08 $38.7
Cuts largely from manufacturing due to a forecasted reduction in demand for its contract manufacturing services and for production of antibodies used by Xoma and its partners; expecting to reduce expenses by $27M annually
1/20/09 Metabasis Therapeutics Inc. (NASDAQ:MBRX) 43% to ~50 $21.6 0.51 12/31/08 $42.3
Reducing headcount for the second time in three months; cuts coming in discovery; seeking a partner for MB07803, a second-generation fructose 1,6-bisphosphatase inhibitor in Phase II to treat Type II diabetes
1/22/09 Lexicon Pharmaceuticals Inc. (NASDAQ:LXRX) By 22% $103.1 (incl restricted cash and short-term investments held by Symphony Icon) 1.07 12/31/08 $96.5
Cuts coming in research, early stage discovery and support positions; focusing on most advanced programs, including two Phase II compounds: LX1031, a small molecule inhibitor of gastrointestinal tryptophan hydroxylase 1 (TPH1) to treat irritable bowel syndrome (IBS); and LX1032, a tryptophan hydroxylase inhibitor to manage gastrointestinal (GI) symptoms associated with carcinoid syndrome; expects the cuts to reduce expenses by $8M for 2009 and $11M annually thereafter
1/22/09 Penwest Pharmaceuticals Co. (NASDAQ:PPCO) 18% to 49 $16.7 0.64 12/31/08 $26.0
Focusing on EPI-A0001 (A0001), a coenzyme Q10 analog that enhances electron flux and increases ATP synthesis. It has completed Phase I testing to treat mitochondrial disease. Seeking licensing deals outside the U.S. for its marketed drug Opana ER oxymorphone, an extended-release...

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