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

Wed Jan 7, 2009 5:34pm EST

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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.

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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)

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