Wednesday, February 13, 2008

Nastech Cuts 50

Nastech Pharmaceutical Co. Inc. announced Tuesday that its board of directors has approved of a cost-saving measure that will result in the layoffs of 50 employees. Dr. Steven C. Quay, Nastech's chairman and CEO, said the firings would save the company aroudn $11 million during the 2008 fiscal year. This money, he added, will go toward clinical development and toward Nastech's ribonucleic acid-interference, or RNAi, programs. Headquartered in Bothell, Wash., Nastech develops therapeutic products based on its proprietary molecular biology drug delivery systems. Nastech's wholly owned subsidiary, MDRNA Inc., develops RNAi-based therapeutics.