There’s a lot of pain so far this morning…let’s get to it:

• Adherex is axing all remaining non-executive employees (13 of them to be exact) while the last four management members try to seek a buyer, partner or some sort of salvation/absolution. The company is developing ADH-1 for melanoma, topical eniluracil for the prevention hand-foot syndrome in patients taking Xeloda and sodium thiosulfate as a hearing protectant in children during platinum-based chemotherapy. The end is near. [Pharmalive]

• Genaera is reducing its headcount by 80% effective May 1, 2009. The company plans to seek a partner for trodusquemine (MSI-1436), a PTP1B inhibitor for type 2 diabetes and obesity, MEDI-528 – an anti-IL9 antibody – and pexiganan. [Yahoo!Finance]

• Gene therapy player GenVec is showing 22 employees the door leaving the company with 101 workers. The Company says that lowering costs associated with the layoffs, in addition to revenues from funded collaborations, will provide the company with approximately 18 to 24 months of operating capital. Just a matter of time, we say. [FierceBiotech]

• Cell therapy/regenerative medicine company Isolagen has three weeks of cash left. The announcement comes on the same day the company said it had filed a BLA with the FDA for its wrinkle treatment. Isolagen is on the brink with $90M in debt. Without a cash infusion in the next few days, Isolagen will join us in The Graveyard. [BizJournals]

Image from euroheat

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