Genzyme Corp.'s stock dipped on word that first-quarter revenues came in lower than expected, though the $730.8 million number represents a 16 percent rise over the same quarter last year. (BioWorld Today)
The staff reduction means almost $100,000 in monthly savings, and other moves will save another $250,000 per month, with spending levels reduced by 50 percent overall, though the company did not say how many workers would be laid off at the site in Mountain View, Calif. Benitec could not be reached Tuesday. (BioWorld Today)
Less than two months after disclosing its plan to sell $23 million in stock through a private placement to push along its Phase IIb trial with Tovaxin for multiple sclerosis, PharmaFrontiers Corp. has closed the deal and is planning a 1-for-10 reverse stock split that would let the firm apply for a Nasdaq listing. (BioWorld Today)
