Favrille, Inc. (NASDAQ:FVRL) today announced that it has provided a notice to 132 of its 144 employees, including six of its eight executive officers, that their employment with the Company will end on June 6, 2008. This workforce reduction follows the announcement earlier this week that the Company has discontinued development of its lead product, Specifid , after it failed to show benefit in a Phase 3 registration trial.
The remaining employees will manage a plan to maximize the value of the Company's remaining cash, fixed assets and technology for the benefit of Favrille's creditors and shareholders.
About Favrille, Inc.
Favrille, Inc. is a biopharmaceutical company focused on the development and commercialization of targeted immunotherapies for the treatment of cancer and other diseases of the immune system.