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PhaseRx to restructure, reduce workforce by 50%

PhaseRx, Inc. terminated the employment of its Chief Scientific Officer Michael Houston as part of a restructuring to manage short-term costs.

The company is reviewing strategic options for the business, including a merger transaction, and delaying development of PRX-OTC, its ornithine transcarbamylase deficiency drug.

The company will also lay off 10 employees, including some executive officers. PhaseRx had 20 employees as of June 30, as well as $8.4 million in cash and equivalents.

The reduction will result in a one-time cost of between $411,000 and $426,000 to the company.