LXR Biotech - Elirix -2: Considering Layoffs
RICHMOND, Calif. (Dow Jones)--LXR Biotechnology Inc. (LXR) said preliminary results from preclinical studies of its Elirex drug did not confirm previous findings.
In a press release Friday, the company said that the drug, which would be used in the treatment of heart
attacks, did not reduce infarct (tissue) size in three of four preclinical studies conducted.
In the fourth study, the drug appeared to reduce infarct size by 33%, the company said.
As a result of the studies and a need to increase its cash on hand, the company said it will significantly
reduce its operating expenses. As reported, the company said it has only enough money to continue
operating through the middle of the third quarter.
The biopharmaceutical company, which is considering reducing its staff, has hired investment banking
firm U.S. Bancorp Piper Jaffray, a unit of U.S. Bancorp (USB). |
