This excerpt taken from the AVRX 8-K filed Aug 13, 2008.
Item 2.05 Costs Associated with Exit or Disposal Activities.
On August 6, 2008, the Board of Directors of the Company approved a plan to reduce the Company’s workforce by 19 employees, or approximately 1/3rd of its regular full-time staff. On August 13, 2008, the Company notified the employees affected by this plan. The reduction in workforce is intended to allow the Company to focus its operations on its existing collaborations and on the pre-clinical and clinical development of its Beta-catenin inhibitor program. The Company is curtailing its other development programs and is seeking a partner for its AVN944 development program.