Presented by BioPharm Process Associates…

Metabasis Therapeutics (MBRX) has not been immune to the recent economic meltdown. The company axed 38 employees back in March and received a going concern in its last 10-Q, stating they had about $11M in cash – enough to last to July.

We just got word today from a tipster who said ALMOST ALL REMAINING MBRX EMPLOYEES were let go today, leaving the company with seven (7) employees. MBRX records last show that it had employees totaling 52, meaning about 45 people saw pink slips today.

Here’s what else we learned from our tipster:

“Severance was one weeks pay and 5 vacation days (TOTAL), no matter how much vacation you had accrued. They (employees) were told to go to Bank of America (Mbasis’ bank) and cash the checks today, since they didn’t know how good they would be in the future. According to the employees, they were told the decision was made over the weekend.”

Our source also goes on to say that there have been no developments or updates regarding lead candidates MB07811 and MB07803, although they are still “pursuing an acquisition of the assets by a larger pharma company.”

Who are the seven (7) employees left anyway?

“There are 7 employees left at the company, Erion, Baracchini, Tran (those three for sure). Almost sure, Barry Gumbiner. Two others are probably Tammy Buscemi (HR) and Kathy Rooney (project management). My guess on the other employee is either Trish Novak Molly Holman or Mark Erion’s admin.”

The bloodbath continues…

Anonymous Tip? Comments? Contact us at: hr@iguanabio.com

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