Layoffs, Economy, Life Sciences

Adventrx Pharma Shutting Down

Bruce V. Bigelow 3/23/09

San Diego’s Adventrx Pharmaceuticals, which had 32 employees a year ago, plans to reduce its full-time workforce to five executives and “substantially end” its drug development and business operations as of April 3. The biopharmaceutical company was developing drugs to treat cancer and infectious disease; its lead candidates were novel emulsion formulations of currently marketed chemotherapy drugs. Adventrx said in its 2007 annual report last March it had about $35 million in available cash remaining, and cumulative losses of almost $100 million. In a statement Friday, Adventrx says its five remaining employees will work to consummate a strategic transaction or otherwise obtain financing.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call 858-202-0492