Altus Cuts 75 Percent of Staff
Luke Timmerman1/26/09
Altus Pharmaceuticals, a Waltham, MA-based biotech company, said today in a regulatory filing it is eliminating 107 jobs, or 75 percent of its workforce, and halting development of an experimental cystic fibrosis drug to conserve cash. Altus, which will now have 35 employees, is handing back the rights to Trizytek to the Cystic Fibrosis Foundation. Altus shares (NASDAQ: ALTU) plunged more than 50 percent this morning on the news to 26 cents.
Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
