Monday, November 3, 2008

Avigen Cuts 70 Percent

Alameda-based Avigen, a biopharmaceuticals firm, said Monday that it has cut 70 percent of the firm's total workforce, as part of a "significant restructuring" of the company. Avigen--which is developing pharmaceuticals for neurological care, said the move is aimed at helping the company preserve cash. The firm said the move will give is sufficient cash to fund operations for over four years.