Which biotechs are the least efficient?

SmartTrend has looked at the biotech industry to determine which companies are the least efficient. Using revenue per employee (RPE)--a ratio useful when comparing a company against others in its industry--SmartTrend found the five public companies that have the lowest efficiency relative to the size of their workforce. As is the case for many biotechs, these companies have little or no revenue but have spent million of dollars--and multiple years--moving drugs through the clinical trials...

Struggling Cell Therapeutics raises $21M in stock sale

Just weeks after the FDA's embarrassing rejection of its cancer drug pixantrone, Seattle-based Cell Therapeutics (CTIC) said it was able to raise $21 million through the sale of preferred stock to three institutional investors. Each share of the preferred stock gives the investors the right to buy common stock at a 40-cent conversion price. And the investors have the right to purchase another $13 million in preferred shares. According to the company, which has been pummeled by analysts...

Struggling Cell Therapeutics chops 36 workers

After being ridiculed by analysts over its recent pummeling at the FDA for the way it handled a Phase III trial of the cancer drug pixantrone, Seattle-based Cell Therapeutics has pink slipped 36 employees in an effort to cut its burn rate by $16 million a year. "The company's total projected operating expenses, excluding equity based compensation, are expected to be approximately $60 million in 2010, which is a 21 percent reduction from its previously projected estimates," the company said...