Adventrx faces further workforce cuts

SAN DIEGO After laying off 55 percent of its workforce, Adventrx is planning further reductions in its employees to extend its remaining cash reserves, the company announced Monday.

The company said that in the end, it will have 14 employees. It has also reduced and delayed spending on third-party consulting and vendor services, including contract manufacturing.

The remaining employees will evaluate options for the future and continue the company?s study of the drug candidate ANX-514 (docetaxel emulsion) and submitting an approval application for the candidate ANX-530 (vinorelbine emulsion).

“It’s never easy to let go employees, particularly those who have been with the company for many years and who have made contributions to the company,” Adventrx board chairman Jack Lief said in a statement.