Vitex conserves
This article was originally published in The Gray Sheet
Executive Summary
Spending cuts include 50% workforce reduction, effective Nov. 21, following recent suspension of Phase III trial of the Inactine pathogen inactivation system for chronic red blood cell transfusions (1"The Gray Sheet" Nov. 24, 2003, p. 28). "Our goal is to reduce our burn rate by approximately 50% from its previous level to approximately $3 mil. per quarter," CEO John Barr explains. With about $5.5 mil. in cash on hand, the firm is evaluating "further spending reductions" and additional financing to continue a separate Phase III trial for acute transfusions during surgery...