Avigen, Targanta Make Deep Cuts | January 5, 2009 Issue - Vol. 87 Issue 1 | Chemical & Engineering News
Volume 87 Issue 1 | p. 14 | Concentrates
Issue Date: January 5, 2009

Avigen, Targanta Make Deep Cuts

Department: Business

Avigen will halt clinical trials on AV650, a neuromuscular treatment, and sell an early-stage developmental compound for hemophilia, AV513, to Baxter International for $7 million. The firm says it will concentrate on finding a partner to develop AV411, a neurologic pain treatment. The move, which follows poor clinical results for AV650, will eliminate 28 jobs, or 70% of Avigen's staff. Meanwhile, Targanta Therapeutics is cutting its workforce by 75% to 27 employees as it focuses on its lead candidate, oritavancin, a treatment for gram-positive skin infections. Staff reductions at both firms were expected to be completed by the end of December.

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