Skip to main content
Premium Trial:

Request an Annual Quote

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

Support for Moderna Booster

An FDA advisory committee supports authorizing a booster for Moderna's SARS-CoV-2 vaccine, CNN reports.

Testing at UK Lab Suspended

SARS-CoV-2 testing at a UK lab has been suspended following a number of false negative results.

J&J CSO to Step Down

The Wall Street Journal reports that Paul Stoffels will be stepping down as chief scientific officer at Johnson & Johnson by the end of the year.

Science Papers Present Proteo-Genomic Map of Human Health, Brain Tumor Target, Tool to Infer CNVs

In Science this week: gene-protein-disease map, epigenomic and transcriptomic approach highlights potential therapeutic target for gliomas, and more