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news.Adventrx Pharmaceuticals, a biopharmaceutical company, has reported that, effective April 3, 2009, it will reduce its full-time workforce to five employees and will discontinue substantially all of its development activities and fundamental business operations to provide additional time to consummate a strategic transaction or otherwise obtain financing.
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Adventrx’s remaining employees, which will consist of its chief business officer and senior vice president, its general counsel, its senior vice president of operations, its vice president of regulatory affairs and quality and its manager of accounting, will focus their efforts primarily on continuing to evaluate and execute strategic options.
Brian Culley, Adventrx’s chief business officer, said: “Along with the reductions we implemented in October 2008 and January 2009, and our prior cost-containment measures, the changes we announce today will extend our cash cliff and increase the opportunity for us to close a strategic transaction with one of the parties with whom we currently are in discussions or another company we identify in the future.”