BioInvent International AB (BINV) rose as much as 6.8 percent in Stockholm trading as the biotechnology company said it will start trade union talks to cut 21 jobs after it halted development of an anti-thrombotic drug candidate.
After the cuts, the company plans to have 68 full-time employees, compared with 89 now. Resources will be “reprioritized” to focus on the continued development of a drug for the treatment of acute coronary artery disease and new and existing cancer projects, the Swedish company said in a statement today. The staff cuts and other measures will save around 15 million kronor ($2.2 million) a year, starting in January 2013, it said.
The stock was up 0.2 kronor, or 3.9 percent, to 5.4 kronor as of 1:10 p.m. in the Swedish capital.
BioInvent plummeted 63 percent June 5, the Lund, Sweden- based drugmaker’s biggest intraday fall on record, after it said, with its partner ThromboGenics NV (THR), it would halt development of blood thinner TB-402 after excessive bleeding in a clinical trial. ThromboGenics fell as much as 21 percent that day, also its biggest decline.
To contact the reporter on this story: Kim McLaughlin in Stockholm at email@example.com
To contact the editor responsible for this story: James Ludden at firstname.lastname@example.org