San Diego’s Adventrx Pharmaceuticals, which had 32 employees a year ago, plans to reduce its full-time workforce to five executives and “substantially end” its drug development and business operations as of April 3. The biopharmaceutical company was developing drugs to treat cancer and infectious disease; its lead candidates were novel emulsion formulations of currently marketed chemotherapy drugs. Adventrx said in its 2007 annual report last March it had about $35 million in available cash remaining, and cumulative losses of almost $100 million. In a statement Friday, Adventrx says its five remaining employees will work to consummate a strategic transaction or otherwise obtain financing.
Now what about all the name changes?
•Formerly=Biokeys Pharmaceuticals, Inc. until 6-03
•Formerly=BioQuest, Inc. until 10-00
•Note=3-02 company is in the development stage
•Formerly=Victoria Enterprises, Inc. until 11-96