Maryland Healthcare Jobs Cut with EntreMed
Posted on December 18, 2008
Some Maryland healthcare jobs will soon be cut as one company plans to reduce its workforce by more than half.
EntreMed recently announced its plan to cut 60 percent of its workers, which will allow the company to focus on its development activities and support research for the next 18 months. According to an article by FierceBiotech, the company hopes to reduce its research activities to a minimal level and find third parties to help keep costs low.
As part of the layoffs, CEO Jim Burns and CFO Dane Saglio’s jobs will be cut. Kenneth Bair, senior vice president of research and development and Thomas Bliss, senior vice president of corporate and business development, also are looking at job cuts. Chief Medical Officer Carolyn Sidor will oversee clinical development and Mark Bray, vice president of research, will lead the research support for clinical activities.
The company’s main drug, ENMD-2076, is currently in Phase 1 clinical trials for solid tumors and multiple myeloma and the company anticipates reporting clinical data in mid-2009. The company’s three other drugs, MKC-1, ENMD-1198 and Panzem, will only be developed if the company finds additional financial resources.show promise but will only be developed if the company finds additional financial resources.
“These are difficult economic times for biotech companies,” Burns said in the article. “EntreMed has made the transition to a clinical organization, so a smaller focused organization will allow us to preserve cash and concentrate on ENMD-2076.”
According to the United States Department of Labor Bureau of Labor Statistics, Maryland’s education and health services industry employed 386,700 workers during October 2008. This is up from 386,200 workers during September and a 2.6 percent increase from last year.