CombinatoRx has confirmed the elimination of 30 jobs in Q4. Of course, this comes as no surprise given that the company announced the swinging-of-the-gauntlet back in November, 2008.

As you can guess, most if not all of the jobs are in R&D. The company also mentioned that they faced a $4.6M “restructuring” charge associated with the pink slips and closing of its Cambridge, Massachusetts office and laboratory facility.

What did CEO Alexis Borisy have to say about all this?:

“We recently restructured CombinatoRx to focus on our core strengths; identifying novel product candidates based on synergy and selectivity. While we had setbacks in 2008, we should not overlook the accomplishments which provide evidence of the fundamental value of the CombinatoRx approach”.

Yeah yeah.

The company is developing Synavive (CRx-102), a combination of prednisolone and dipyridamole for osteoarthritis…

Good luck with that.

Image from ceoworld

Related Posts