Vion (formerly Oncorx) interesting play on Gene Therapy Message Board

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Biotech / Medical : Vion (formerly Oncorx) interesting play on Gene Therapy

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To: Dave who wrote (279)	5/31/2002 8:47:17 AM
From: Jim Oravetz	Read Replies (1) of 370

Vion trims 18 jobs, costs Luther Turmelle, Register Business Editor May 31, 2002 newhavenregister.com NEW HAVEN — The city's image as a thriving biotechnology center took another hit Thursday as Vion Pharmaceuticals Inc. said it will cut up to 18 workers from its payrolls in an effort to conserve cash. That amounts to 30 percent of the company's workforce of about 60 people. Company officials said in a statement released late Thursday that the cuts — along with other moves to trim expenses, such as members of the company's management team deferring some of their salaries — are expected to extend the company's cash reserves to November 2003. Alan Kessman, Vion's president and chief executive officer, was not available for comment Thursday on how soon the company would have run out of cash if the job cuts and expense reductions weren't implemented. Kessman described the moves as "difficult" in the statement released by the company. Vion is one of the key tenants at the city's Science Park technology center. Science Park was begun two decades ago as a nonprofit, state-aided development corporation in the blighted industrial area of the city's Newhallville section. The city, state and Yale University envisioned the complex as a spacious, inexpensive incubator for science and technology businesses, but Science Park has struggled to achieve success for much of that time. Vion's announcement comes on the heels of a decision by another New Haven-based biotech — CuraGen — to postpone for a year the consolidation of its offices in Branford. CuraGen officials cited the economic climate as a key factor in their decision. Shares of Vion, which trades on the Nasdaq Stock Market under the symbol VION, fell 30 cents, or 18 percent, to $1.35. They have fallen 80 percent in the past year.

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