Skip to main content

UPDATE: Valentis Sacks 45 Staff; Hopes to Save $7M Annually

NEW YORK, Oct.9 - Valentis will lay off 45 staffers as it tries to continue developing its two lead drug products, the company said today.  


The majority of the layoffs, which are targeted across the company and include executives, scientific staff, and adminstrative support, are effective immediately and will reduce the company's total staff to 20 people, said Joe Markey, senior director of finance at Valentis.

 

There are no plans for further layoffs, according to Markey.


Valentis said it plans to save about $7 million per year, which can help it develop its Del-1 gene medicine for peripheral arterial disease and ischemic heart disease and EpoSwitch, its lead GeneSwitch product for chronic anemia.

 

"We now have to focus down on [these] programs with the remaining people and dollars," said Markey.

 

Valentis reported $19.1 million in cash, cash equivalents, and investments as of June 30, 2002.

 

As part of the restructuring J. Tyler Martin, senior vice president of development, is out. Margaret Snowden, general counsel, will "transition out of [Valentis] over time" but will continue to lead the firm's patent-infringement litigation.

 

Valentis is based in Burlingame, Calif.

The Scan

Response Too Slow, Cautious

A new report criticizes the global response to the threat of the COVID-19 pandemic, Nature News reports.

Pushed a Bit Later

Novavax has pushed back its timeline for filing for authorization for its SARS-CoV-2 vaccine, according to Bloomberg.

AMA Announces Anti-Racism Effort

The Associated Press reports that the American Medical Association has released a plan to address systemic racism in healthcare.

Nucleic Acids Research Papers on miRMaster 2.0, MutationTaster2021, LipidSuite

In Nucleic Acids Research this week: tool to examine small non-coding RNAs, approach to predict ramifications of DNA variants, and more.