Yayyy!! Another company to add to The Graveyard! Why yayy you ask? Because we’re the biotech grim reaper and we’re craaaazeee!! We kid, we kid

Seriously though, ADVENTRX (ANX) has axed nine employees today leaving only five to pick up the pieces. The would-be developer of emulsion-based me-too anti-cancer drugs is on the brink, stating they “will discontinue substantially all of its development activities and fundamental business operations to provide additional time to consummate a strategic transaction or otherwise obtain financing.”

Uh, yeah. Good luck with that one.

ANX has no CEO (like a chicken without a head I guess) so the Chief Business Officer Brian Culley (<— no offense bro) made a statement:

“Along with the reductions we implemented in October 2008 and January 2009, and our prior cost-containment measures, the changes we announce today will extend our cash cliff and increase the opportunity for us to close a strategic transaction with one of the parties with whom we currently are in discussions or another company we identify in the future.”

The company also said they will take a $178,000 charge to account for the recent severances. That comes out to about $19,777 per peon. Of course, that’s not much after Uncle Sam gets his cut…that bastard.

The end is here guys. Welcome to The Graveyard, baby!

R.I.P. ADVENTRX Pharmaceuticals 2000-2009

Image from alis

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