Scrip is part of the Business Intelligence Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC’s registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call +44 (0) 20 3377 3183

Printed By

UsernamePublicRestriction
UsernamePublicRestriction

CombinatoRx makes further cuts following Phase II failure

This article was originally published in Scrip

Executive Summary

CombinatoRx is to reduce its workforce by a further 30 employees after its lead product Synavive (CRx-102) failed to reach its Phase II primary endpoint last month, sending its stock plummeting by 77%. The company has now reduced its workforce by around 65%, having initially announced a 45% reduction of its Cambridge, Massachusetts, workforce earlier this month. Around 55 employees will remain after the restructuring and will primarily be focused on research activities and partnering assets. CombinatoRx expects to incur restructuring charges of $3.2-4 million in the fourth quarter of this year, but expects its annual cash burn to fall by $5-10 million. The measures should allow it to operate without additional equity financing for at least four more years, CombinatoRx said. The company still believes that Synavive may have commercial potential and is currently engaged in partnership conversations.

Advertisement

Topics

Related Companies

Advertisement
UsernamePublicRestriction

Register

SC031775

Ask The Analyst

Please Note: You can also Click below Link for Ask the Analyst
Ask The Analyst

Your question has been successfully sent to the email address below and we will get back as soon as possible. my@email.address.

All fields are required.

Please make sure all fields are completed.

Please make sure you have filled out all fields

Please make sure you have filled out all fields

Please enter a valid e-mail address

Please enter a valid Phone Number

Ask your question to our analysts

Cancel