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Article: Nexell's Board OKs Orderly Wind-Down' Of Operations.
- Article from:
- BIOWORLD Today
- Article date:
- November 4, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Staff Writer
Nexell Therapeutics Inc. reported Wednesday that its board authorized management to begin an "orderly wind-down" of company operations, thus endings its focus on modifying or enhancing human immune function and blood cell formation.
The company's stock (NASDAQ:NEXL) fell 23 cents Wednesday, or 65.7 percent, to close at 12 cents.
Nexell, of Irvine, Calif., said in a prepared release that it is reducing its work force from 23 full-time employees to three.
Nexell first revealed its financial woes in March, when it said that the sale of its Toolbox business to Baxter Healthcare Corp., of Deerfield, Ill., had eliminated ...