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Biotech / Medical : Biotech Restructurings -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (28)	10/10/2002 4:34:32 PM
From: keokalani'nui	Respond to of 270

BIOM. 30% staff reduction. Press Release Source: Biomira Inc. Biomira Initiates Cost Reduction Program Company Will Strengthen Focus on Moving THERATOPE(R) Vaccine to Final Analysis and Potential Commercialization Thursday October 10, 4:30 pm ET EDMONTON, Oct. 10 /PRNewswire-FirstCall/ - Biomira Inc. (Nasdaq: BIOM - News; TSX: BRA - News) today announced that the Company has initiated a cost reduction program focused primarily on curtailing earlier research programs in favour of continuing development of its two lead product candidates, THERATOPE® vaccine, the more advanced product candidate, and BLP25 Liposomal vaccine, currently in Phase II trials. THERATOPE® vaccine is being studied in a Phase III metastatic breast cancer trial and the Company anticipates that the final survival analysis of the Phase III trial data will be in mid-2003. "The strategic decision, supported by our Board, is to focus our resources on our two late-stage product candidates closest to possible commercialization, while de-emphasizing our earlier-stage research programs. Our decision to maximize our resource allocation in this way was reinforced by the downturn in the biotech sector and specifically our share price. This downturn substantially impacts the potential for financing opportunities, as we move forward," said Alex McPherson, MD, PhD, President and CEO. "The resulting strategy will conserve our resources, while keeping us at the forefront of therapeutic cancer vaccine development. This move will help us ensure that the Company has approximately two years of cash as of the end of 2002. Our ultimate goal is to be in a position to succeed well past the final analysis for THERATOPE® vaccine, expected in mid-2003." The decision by Biomira to initiate a cost-reduction program comes after a recent review of its operating cost structure. The plan includes approximately a 30 per cent reduction of staff and curtailment of expenditures in 2003 and 2004 to ensure the Company has approximately two years of cash at the end of this fiscal year. Biomira will retain a U.S. presence as it continues to build a marketing organization, prior to a potential launch of THERATOPE® vaccine The Company's cash position was Canadian $60.1 million in cash and short-term investments as at June 30, 2002. The Q3/2002 financial results are expected to be announced on 31 October 2002. Biomira has a collaboration for the development of its two lead product candidates, THERATOPE® vaccine and BLP25 Liposomal vaccine with Merck KGaA of Darmstadt, Germany, with substantial milestone payments payable upon filing and subsequent commercialization of its two lead product candidates.

To: Icebrg who wrote (28)	10/22/2002 7:24:10 AM
From: Icebrg	Respond to of 270

Avigen to cut costs, slashed 28 pct of staff Tuesday October 22, 7:15 am ET ALAMEDA, Calif., Oct 22 (Reuters) - Biotechnology company Avigen Inc. (NasdaqNM:AVGN - News) said on Tuesday it started new cost-cutting measures, which include laying off 42 employees, or 28 percent of its workforce. The company said it has $132 million in cash and short-term investments as of June 30, enough to conduct its planned clinical trials and research efforts for the next four to five years. Avigen is developing gene therapy products and the most advanced treatment in its pipeline is being tested for hemophilia. Shares of Avigen closed at $7.38 Monday on Nasdaq, off the 52-week high of $12.20 and above the low of $6.45. Comments: They say they have 132 mUSD in cash, which should be enough to carry them forward for the next four to five years. Still they feel obliged to cut 28 % of the workforce. Are things really that bad?

To: Icebrg who wrote (28)	10/30/2002 6:53:04 AM
From: Icebrg	Read Replies (1) \| Respond to of 270

Bayer Plans Cuts In Pharmaceutical Research -Report Wednesday October 30, 6:43 am ET FRANKFURT -(Dow Jones)- Bayer AG plans to make cuts in pharmaceutical research, resulting in hundreds of job losses and reduced development costs, German weekly WirtschaftsWoche reports in an advance copy, citing Bayer board member Wolfgang Plischke. This comes days after the head of Bayer's health care operations, Frank Morich, resigned. According to the report, Bayer plans to stop research in three out of 10 indication areas. It may also contract out these activities, the report says. Research and development into the central nervous system may also be contracted out. Bayer is in talks on that issue with Denmark's Novo Nordisk A/S the report says. Bayer officials weren't immediately available to comment.