PhaseRx to cut half its workforce, looks into potential merger [MarketWatch]
PHASERX (PZRX)
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Company Research
Source: MarketWatch
PhaseRx to cut half its workforce, looks into potential merger PhaseRx Inc. PZRX, +66.95% said Friday it was cutting its workforce in half, as part of a restructuring to cut costs and delay the development of its lead product candidate. The biopharmaceutical company said it was cutting 10 jobs, including some executive officers. As of June 30, the company had 20 employees and $8.4 million in cash and equivalents. PhaseRx said it is review strategic alternatives, including a potential merger. The company is developing treatments for children with inherited enzyme deficiencies in the liver. The stock was indicated up over 5% in premarket trade. It had tumbled 43% year to date through Thursday, while the iShares Nasdaq Biotechnology ETF IBB, -0.01% had climbed 27% and the S&P 500 SPX, +0.07% had gained 14%.
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