Issue Date: December 8, 2008
Economic Woes Hit Biotech Firms ...
South San Francisco-based Titan Pharmaceuticals is cutting 40% of its workforce to save cash. The remaining staff of about 25, which is likely to be further cut, will conduct minimal development efforts to keep the company's Phase III probuphine opioid addiction treatment afloat until it can partner or sell the program. Meanwhile, Enzon Pharmaceuticals, in Bridgewater, N.J., cites poor market conditions as the reason it has decided not to spin off its biotech business as a separate company.
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