Adventrx Pharmaceuticals said Dec. 15 it would explore its strategic options, including the sale of one or more of its drug programs or a possible merger.
The San Diego-based biotech has two late-stage experimental cancer drugs, both of which are reformulated versions of already approved products. Both drugs could be on the market by 2010, according to the company.
The biotech is the latest in a string of drugmakers to announce plans for restructuring and exploring alternatives in a market that has made new funding unavailable. On Oct. 17, CEO Evan Levine stepped down to pursue other opportunities. The company restructured, cutting nine positions, shortly after. The company said the cuts would allow it to continue operating with cash on hand until the middle of next year.
, Heather Chambers