Biotech Values

[DewDiligence]

CNVX lays off more than half of workforce:

http://biz.yahoo.com/bw/051003/36350.html?.v=1

>>
CancerVax Corporation Announces Corporate Restructuring

Monday October 3, 9:07 pm ET

CARLSBAD, Calif.--(BUSINESS WIRE)--Oct. 3, 2005--CancerVax Corporation (NASDAQ: CNVX ) announced a corporate restructuring plan today, realigning its resources in light of its decision to discontinue the Phase 3 clinical trial of Canvaxin(TM) in patients with Stage III melanoma. The immediate impact of this restructuring will reduce CancerVax's workforce from 183 to approximately 80 employees.

"This restructuring will allow us to focus our resources on the development of the other product candidates in our pipeline and, potentially, to explore the acquisition of additional promising products and technologies," said David F. Hale, President and CEO of CancerVax Corporation. "We will continue to review our resource requirements as we refine our strategies over the coming weeks."

The decision to discontinue the Phase 3 clinical trial of Canvaxin(TM) in patients with Stage III melanoma was based upon the recommendation of the independent Data and Safety Monitoring Board (DSMB). There were no significant safety issues identified with either the Phase 3 clinical trial of Canvaxin(TM) in patients with Stage III melanoma, or with the Phase 3 clinical trial of Canvaxin(TM) in patients with Stage IV melanoma, which was discontinued earlier this year. The recommendations to close both of these clinical trials were not made because of any potential safety concerns.
<<