For the second time in less than a year, Neose Technologies Inc. is cutting employees. This time it will eliminate 35 percent of its staff, including its general counsel.
The Horsham biopharmaceutical company is in a cash crunch. Neose also said it was halting development of its key experimental anemia drug, NE-180. Not for reasons of safety or lack of efficacy. Rather, Neose hasn't been able to line up a partner to help it during mid-stage clinical trials.
"This decision allows us to forego $60 to $80 million of incremental spending over the next two years," said George J. Vergis, Neose president and CEO, in a statement.
Last March, Neose launched a restructuring, cutting its 78-person workforce by 40 percent.
Neose said it will focus its research and development operations on two projects with BioGeneriX and Novo Nordisk.
