Ongoing mid-stage clinical trials of Xcytrin (motexafin gadolinium) are substantially complete and the company intends to partner or out-license the drug for further development. Company will also reduce its workforce by approximately 40%.
Associated with this realignment, company expects to make severance payments of approximately $0.4 million in the third quarter of fiscal 2008. The company expects cash used in operations over the twelve months beginning April 1, 2008 to be approximately $16 million. Cash and marketable securities are projected to be approximately $20 million at March 31, 2008.