Tuesday, July 15, 2008

Favrille Cuts Most Employees, Looks To Sell Assets

San Diego-based Favrille, a firm that was developing targeted immunotherapies for the treatment of cancer and other diseases of the immune system, quietly announced last week that it has laid off 132 of its 144 employees, including six of its eight executive officers, as the firm's Phase 3 trial has "failed to demonstrate activity." The firm said it will cease all activities related to its programs, and will sell all of its unneeded fixed assets. The firm said in a statement that it would look at a reorganization, which might include additional financing, a merger with another entity or liquidation of the Company either inside or outside of bankruptcy.