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PhaseRX shares surge as it halves workforce to cut costs

PhaseRx said its restructuring was aimed at preserving its cash resources
health
PhaseRx will delay the development of its lead product candidate

PhaseRx Inc. NASDAQ:PZRX) shares rocketed up more than 80% after the biopharmaceutical company announced it was cutting 10 jobs, representing half of its workforce.

The job cuts include some executive officers as part of a corporate restructuring, which PhaseRx said was aimed at preserving cash resources.

The firm had cash and equivalents of US$8.4mln and a total of 20 employees on 30 June.

PhaseRx also said it would delay the development of its lead product candidate PRX-OTC , a treatment for children with inherited enzyme deficiencies in the liver,

Shares jumped 80.78% to 1.60p each in early US trading, marking a major rebound after falling 43%  in the year to date though Thursday. 

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