Monday, March 23, 2009

Adventrx Reaches End Of Line, Looks For Buyer

San Diego-based Adventrx Pharmaceuticals, which was developing pharmaceuticals to improve existing cancer treatments, said late Friday that it will discontinue "substantially all" of its development activities and business operations. The firm said it has reduced its workforce to five employees, while it looks for a "strategic transaction" or financing. The firm did not say how many employees were affected by the move, but said the move would give it more cash while it looks for a buyer.