Biotech, Layoffs, cancer

Adventrx Cuts Deeper

Luke Timmerman 1/6/09

Adventrx, the San Diego-based cancer drug developer, said it has laid off another group of employees, meaning it has cut 55 percent of its workforce since the beginning of October. The company now has 14 employees left. The company had $15 million in cash at the end of September, and a net loss of $6.7 million in the third quarter, according to its most recent quarterly report.

Luke Timmerman is the National Biotechnology Editor for Xconomy. You can e-mail him at ltimmerman@xconomy.com, call 206-624-2374, or follow him on Twitter at http://twitter.com/ldtimmerman.