Myriad Pharma cuts 21 jobs, suspends HIV program
(Reuters) - Myriad Pharmaceuticals Inc MYRX.O said it would cut 21jobs and take related charges, as a part of a restructuring process to extend the company's projected cash runway beyond 2013.
The company said it would also suspend its HIV maturation program, and instead focus on its oncology pipeline.
"After conducting an exhaustive review of our development portfolio and business operations, we have decided to refocus our clinical efforts on oncology, where we believe we can maximize the return on our investments," Chief Executive Adrian Hobden said in a statement.
The company said it would take charges of about $1.2 million related to the job cuts.
As of September 1, 2009, the company had 181 full-time employees.
Myriad's most advanced cancer drug candidate is Azixa, which is currently in its mid-stage trials and is being developed for the treatment of metastatic brain cancer.
Myriad also said it received about $12.7 million from Javelin Pharmaceuticals Inc <JAV.A after the latter terminated a merger agreement between the companies.
In April, Hospira Inc (HSP.N) topped Myriad's bid to buy Javelin.
As of March 31, the company had $148.4 million in cash, cash equivalents and marketable securities.
Shares of the company were trading up 3 percent at $3.94 in morning trade Tuesday on Nasdaq.
(Reporting by Krishnakali Sengupta in Bangalore; Editing by Don Sebastian)
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