A few companies are swinging the ol’ axe today…

• Progenics Pharmaceuticals (PGNX) said yesterday that it was able to narrow its loss in Q1 due to increased revenue from Ono’s Relistor payment, as well as due to decreased employee expenses. PGNX said it has cut 10% of its workforce since the beginning of the year (about 25 people) and has 224 employees left. The company also said it cut salary increases for senior management, reduced bonuses and retirement benefit contributions for all employees and cut spending on capital programs and consultants. [Yahoo!Finance]

• Neurogen Corporation (NRGN) said today that it is “pursuing strategic options” including a sale of the company or a sale of its assets and that it is taking “additional steps to conserve capital while it pursues these options.” Basically, NRGN is looking for buyers and is axing its workforce. NRGN didn’t give a number, but did say that the enrollment of additional patients in its ongoing Phase 2 studies for Parkinson’s disease and Restless Legs Syndrome has been halted, and that it eliminating about 50% of staff positions associated with the two trials. We’ll put in The Graveyard until it can prove otherwise. [Yahoo!Finance]

• Finally, Capstone Therapeutics (CAPS) said its losses doubled in Q1 and that it also axed seven (7) employees — five full time and two part-time. CAPS, which now is left with 22 workers, said the axes will provide more capital within the 2009 budget for clinical trials of AZX100, the company’s investigational anti-scarring product. [BizJournals]

The bloodbath goes on…

Image from indiatimes

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