Genaera Cutting 80% of Workforce

Plymouth Meeting, Pennsylvania-based pharmaceutical company Genaera is cutting its staff by 80%, so it can pursue “business development strategies” for its lead new drug candidate, Trodusquemine, which is being developed to treat type 2 diabetes and obesity.

Genaera laid off as many as 13 employees. Its work force from 24 at the start of 2008.

The company also plans to seek ways to profit from its anti-IL9 antibody and Pexiganan research programs, which develop new treatments for asthma and diabetic foot infections.

Genaera licensed the rights to both products to other companies, as it narrowed its focus to Trodusquemine.