Nventa Pharmaceuticals Cuts Deep, Looks For Lifeline

Bruce V. Bigelow10/10/08

San Diego-based Nventa Pharmaceuticals Corp., a public biotech that trades on the Toronto Stock Exchange, says it is cutting costs to conserve cash, refocusing on its best drug candidates and searching for “synergistic merger and acquisition opportunities.” The startup has been developing new drugs to treat viral infections and cancer. Nvena said it is laying off eight of its 13 employees and has about $5.9 million in available cash—enough to support operations until the second quarter of 2009.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788