Wednesday, May 27, 2009

Metabasis Therapeutics Lops 85 Percent , Looks For Buyer

San Diego-based Metabasis Therapeutics, which is developing treatments for metabolic diseases, said Wednesday that it will cut approximately 85 percent, or 45 of its employees. According to the firm, the move was necessary because of "difficulty in raising sufficient capital" from financing or other sources. The firm said the move would help it preserve cash and reduce ongoing operating expense. The firm said that its seven remaining employees would look to implement "strategic alternatives." In addition, Metabasis said if it is unable to find funding it may be force to shutdown its operations entirely. The firm reported earlier this month that it only had enough cash to run until July.