Avigen announces restructuring plan, layoffs

[UpInArms]

http://eastbay.bizjournals.com/eastbay/stories/2004/07/12/daily30.html?jst=b_ln_hl

Plagued by development delays of an experimental drug to treat Parkinson's disease and continued efforts to shift its research focus, Avigen Inc. of Alameda said it would slash its work force by about 40 percent or 38 employees.

The move furthers a plan Avigen announced in May to realign its operations and essentially abandon its key drug development program for the treatment of hemophilia-B. Avigen halted patient enrollment in its Coagulin-B trial for the treatment of hemophilia-B, and instead said it would focus on treatments for serious neurological disorders, including Parkinson's.

But in its announcement Thursday, Avigen said the restructuring and layoffs are also "driven by longer than previously anticipated" development time of its experimental Parkinson's treatment called AV201. The company said it continues to work with the U.S. Food and Drug Administration to initiate a Phase I trial of AV201.

CEO Ken Chahine said in a statement that work force reductions were intended to conserve cash and "extend our financial resources." He said the company remained committed to developing drug candidates for serious neurological disorders.

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and it's a Two-Fer!

Raytheon considering layoffs among hourly staff

http://www.tucsoncitizen.com/index.php?page=business&story_id=071504d1_raytheon

Raytheon Missile Systems soon may lay off hourly workers in Tucson, but it will not be clear how many until the end of the month.

Sara Hammond, a Raytheon spokeswoman, said yesterday that some assembly technicians at the company's plant, south of Tucson International Airport near Nogales Highway, were notified layoffs could be coming.

However, Hammond would not say how many employees were notified and said the number of workers that could be laid off will not be determined until the end of the month.

Under collective bargaining terms, assembly technicians targeted for layoffs can choose to displace workers in other classifications, such as process technicians and clerical specialists, if they have sufficient seniority, Hammond said.

Raytheon is required to notify employees who could be laid off that such action could be taken, she said.

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If this economy "booms" anymore, I'm not sure what we'll do.