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Vion Hopes To Hang On
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Business New Haven
6/10/2002
By: BNH
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NEW HAVEN - Hoping to extend its cash reserves for another 18 months, Vion Pharmaceuticals May 30 announced that it would cut about one-third of its workforce and that management team members would defer compensation in order to remain afloat.
The Science Park company said it would trim 18 of 60 existing jobs at the company.
Cash and equivalents and short-term investments equaled $19 million at March 31, according to Vion financial statements. The company said it will focus on bringing its anti-cancer agents Triapine and VNP40101M to Phase II clinical trials.
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