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CancerVax Corp.
Discontinuation of Canvaxin trials leads to layoffs
November 4th, 2005
CancerVax Corp. (CNVX) has announced a corporate restructuring plan, realigning its resources in light of its decision to discontinue the phase III clinical trial of Canvaxin in patients with stage III melanoma. The immediate impact of this restructuring will reduce CancerVax's workforce from 183 to approximately 80 employees. "This restructuring will allow us to focus our resources on the development of the other product candidates in our pipeline and, potentially, to explore the acquisition of additional promising products and technologies," said David F. Hale, president and CEO of CancerVax Corp. "We will continue to review our resource...
Source: Biotech Law Weekly (2005-11-04)
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