Replies to post #72552 on Biotech Values

[DewDiligence]

KG lays off 760, 22% of workforce:

http://finance.yahoo.com/news/King-Pharmaceuticals-bw-14233325.html

[genisi]

SNTA cuts 90 positions, nearly 40 percent of its workforce.

http://www.reuters.com/article/marketsNews/idINBNG44387320090313?rpc=44

[DewDiligence]

COR is off 19% to 0.26 on 50% workforce reduction:

http://finance.yahoo.com/news/Cortex-Pharmaceuticals-bw-14687597.html

The company evidently does not have enough money to hold a CC.

[DewDiligence]

GENR lays off 80% of workforce:

http://finance.yahoo.com/news/Genaera-Corporation-prnews-14781022.html

On a split-adjusted basis, GENR is down 99% since I sold in 2004. However, it is up about 8% today (LOL).

[DewDiligence]

DYAX cuts 60 jobs (about 40% of workforce):

http://finance.yahoo.com/news/Dyax-to-Focus-Resources-on-bw-14787113.html

[genisi]

J&J to eliminate 900 positions, mostly sales:

http://uk.reuters.com/article/governmentFilingsNews/idUKN0927160820090409

[DewDiligence]

Didn’t ZGEN already have a workforce reduction fairly recently?
Evidently, it wasn’t large enough. The new layoff is 161 jobs (32%).

http://finance.yahoo.com/news/ZymoGenetics-Announces-bw-15074600.html

›ZymoGenetics Announces Workforce Reduction and Restructuring

Wednesday April 29, 2009, 4:14 pm EDT

SEATTLE--(BUSINESS WIRE)--ZymoGenetics, Inc. (NASDAQ: ZGEN ) announced today a reduction in its workforce of approximately 32 percent, or 161 employees, as part of a corporate restructuring. ZymoGenetics is reorganizing its operations to focus resources on assets with the potential to generate the greatest value for shareholders. The company expects to realize an annual reduction in operating expenses of approximately $30 million beginning in the third quarter as a result of these actions.

“We’re taking steps to reduce our costs, align our spending with our highest corporate priorities and conserve our financial resources,” said Douglas E. Williams, chief executive officer of ZymoGenetics. “While it is very difficult taking these actions, they are necessary given challenging market conditions and the changing focus of our business plan. Going forward, we believe that ZymoGenetics will be a stronger, more sustainable company with substantially reduced dependence on the capital markets for funding. We appreciate the significant contributions made by all of our employees, including those departing, toward the company’s progress to date and in support of our plan to build a valuable and sustainable business.”

ZymoGenetics will continue to build the market for its approved product, RECOTHROM® Thrombin, topical (Recombinant), while pursuing the research, development and commercialization of novel biologic therapeutics. The company will discontinue ongoing research activities in oncology and focus future research efforts in immunology, its core strength. Collaborative transactions will receive greater emphasis to facilitate the development and commercialization of the company’s product candidates, while retaining significant rights to participate in downstream value generation. The recently announced transaction with Bristol-Myers Squibb for PEG-Interferon lambda serves as a model for this strategy. The company is reducing its internal product development infrastructure related to this shift in strategy, and will pursue increased outsourcing in the future. Headcount has been reduced in most areas of the company, with the greatest impact coming in research, manufacturing and other development-related functions, as well as administrative departments. Resource commitments to RECOTHROM commercial activities and PEG-Interferon lambda development have been maintained, consistent with the company’s value generation strategy.

The company will record a charge in the second quarter of approximately $8.5 million for severance and other costs related to the workforce reduction.‹

[DewDiligence]

NBIX 50% workforce reduction:

http://finance.yahoo.com/news/Neurocrine-Announces-Work-prnews-15139652.html

[genisi]

CRL - a headcount reduction affecting 3% of total workforce.

[DewDiligence]

NFLD shuts down all operations:

http://finance.yahoo.com/news/Northfield-Effectuates-Plant-bw-15190790.html

[genisi]

PGNX cut 10% of its staff, leaving it with 224 employees.

NRGN announced (more) reductions to the company’s workforce.

MNKD undertook restructuring.

[genisi]

MBRX announced a corporate restructuring that will reduce its workforce by approximately 85%, or 45 employees (7 left).

[genisi]

ADLR laid off 45 employees, or 28% of its workforce:

http://finance.yahoo.com/news/Adolor-Corporation-Announces-bw-15429636.html

[genisi]

ANDS said it will cut 40 percent of its workforce and suspend the development of ANA773

http://www.reuters.com/article/marketsNews/idINBNG41756220090604?rpc=44

and they also did a private placement

http://www.biocetera.com/inthenews.php?id=119638

[genisi]

GILD is laying off up to 66 people as it closes its offices in Boulder and Westminster, Colorado, US to consolidate its operations in California.

http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2009/08/10/daily66.html?ana=yfcpc

[DewDiligence]

AKL.TO cuts staff by 33%:

http://finance.yahoo.com/news/Akela-Pharma-announces-cnw-1698864494.html?x=0&.v=2

[DewDiligence]

HSP to cut workforce 10%:

http://www.reuters.com/article/idCNN1322362320100113

Inasmuch as HSP has said nothing in more than a year about its ANDA for the vial formulation of Lovenox (#msg-34826629), I presume that the company does not consider this a material program.