• Most Popular
  • Most Shared

UPDATE 1-Facet Biotech to cut 80 jobs, narrow focus on oncology

Wed Jan 7, 2009 5:34pm EST

Stocks

   

Jan 7 (Reuters) - Facet Biotech Corp (FACT.O), which was spun-off from PDL BioPharma Inc (PDLI.O) in December last year, said it would cut about 80 jobs as it tries to reduce costs and narrow its focus on oncology drug candidates.

The move, together with previously announced reductions, will bring its workforce to a total of about 200 positions, the company said in a statement.

Due to the cost-cutting measures, the company, which also has an experimental treatment for multiple sclerosis in its pipeline, expects its cash utilization for 2009 to be about $110 million.

Shares of Facet Biotech were trading up 3 percent at $8.79 after the bell. They closed down 6 percent at $8.51 Wednesday on Nasdaq. (Reporting by R. Manikandan in Bangalore; Editing by Deepak Kannan)



More from Reuters

Demonstrator holds a signboard with a slogan "Bla bla bla ACT NOW" during a rally outside the UN Climate Change Conference in Copenhagen December 12, 2009. REUTERS/Christian Charisius

"Polluters are given rights to continue their dirty habits"

A climate change scientist blasts proposals for a cap and trade system, arguing it allows dirty industries to continue polluting, instead of rewarding innovation.  Full Article | Full Coverage 

    Climate Conference
    People walk by a Bank of America branch in New York. REUTERS/Lucas Jackson

    The search is on -- again

    Bank of America has less than two weeks left before Chief Executive Ken Lewis steps down. With the top candidate out of the picture, here's a look at what might happen next.  Full Article 

    Executive compensation
    Indian woman mourns death of her relative killed in tsunami in Cuddalore. When an earthquake of magnitude 9.15 struck off Indonesia's Aceh province on December, 26, 2004, it triggered a huge tsuanmi that raced across the Indian Ocean and hit Indonesia, Thailand, Sri Lanka and India. The worst natural disaster of the decade left 230,000 people dead or missing. Taken on December 28, 2004 by Arko Datta

    Pictures that defined a decade

    A woman's grief amid the tsunami devastation and one woman's fight against police in the Amazon are among the indelible Reuters images of the last 10 years.  Slideshow 

    Pictures