Table 3 Recently announced job reductions in the biotech sector
Company | Layoffs by number | Layoffs by percentageof workforce | Details |
|---|---|---|---|
Cyclacel Pharmaceuticals | 28 | 34% | Changes will lower annual costs by $9 million, with enough cash to fund operations until 2Q 2010 |
Dyax | 60 | 36% | Restructuring will result in $18 million in annual savings |
TorreyPines Therapeutics | 10 | 70% | Follows the restructuring in March, the board subsequently voted to liquidate and dissolve the company. Subject to shareholder approval |
Ziopharm Oncology | 4 | 19% | Has enough cash to fund development of palifosfamide into 2Q 2010 |
Sunesis Pharmaceuticals | 6 | 17% | Received a $10 million private placement in late March |
Genaera | Undisclosed | 80% | Board subsequently approved a plan to dissolve the company and liquidate its assets |
BioXell | 14 | 36% | On 12/31/2008, had €43.6 million ($61.4 million) in cash and a 12-month operating loss of €16.7 million. |
ZymoGenetics | 161 | 32% | Cuts will save about $30 million annually beginning in 3Q 2009 |
Sequenom | 30 | 12% | Cuts will be in genetic analysis business unit |
Discovery Laboratories | 24 | 21% | On 3/31/2009, had $19.1 million in cash |
Adherex Technologies | 13 | 76% | Has sufficient cash for planned development and operational activities into September |
Johnson & Johnson | 900 | 6% | Cuts will come largely from sales force |
Quidel | 31 | 10% | On 12/31/2008, had $57.9 million in cash and a 12-month operating profit of $28.6 million |
Vermillion | Undisclosed | Undisclosed | Filed for Chapter 11 bankruptcy |
Amylin Pharmaceuticals | 200 | 35% | Will combine its existing primary care and specialty sales forces into a single organization |
Cell Genesys | Undisclosed | Undisclosed | Eliminated all R&D, manufacturing, clinical and regulatory activities; expects further reductions during the next few months as additional activities are phased out or outsourced |
Evotec | 45 | 12% | Cuts will come from the consolidation of its European facilities and the wind down of operations at its USsubsidiary Renovis |
MannKind | 100 | 17% | On 3/31/2009, had $30.2 million in cash and a three-month operating loss of $57.8 million |
Neurocrine Biosciences | 60 | 50% | On 3/31/2009, had $66.4 million in cash and a three-month operating loss of $19.1 million |
Progenics Pharmaceuticals | 25 | 10% | On 3/31/2009, had $127.7 million in cash and a three-month operating loss of $2.6 million |
Alizyme | 2 | 15% | On 12/31/2008, had £2.2 million) ($3.2 million in cash and a 12-month operating loss of £11.7 million($17 million) |
Adolor | 45 | 28% | Cuts are expected to save about $12 million annually |
Anadys Pharmaceuticals | Undisclosed | 40% | Will also relocate to a smaller facility to reduce costs and focus on ANA598 |
Thallion Pharmaceuticals | 12 | 27% | Expects the cuts to reduce its annual cash burn by about CAD$1 million ($888,600) and will allow the company to operate into 2011 |
