CytRx to lay off Worcester lab staff
CytRx Corp., a San Diego-based pharmaceutical company, will be relocating its Worcester laboratory to San Diego and laying off all of its local lab staff.
The company has about 12 people at its Worcester lab.
In addition, CytRx also announced that it terminated Dr. Mark L. Tepper as its senior vice president of drug discovery. Tepper, who is based in Worcester, will receive a severance of $125,000. He will also "become a consultant to the company in connection with the transition of our laboratory facility to San Diego," according to an SEC document filed on May 21.
A subsidiary of CytRx, RXi Pharmaceuticals Corp., has agreed to take over the lease of the Worcester lab, according to the SEC filing. The lease for the space -- which totals 6,900 square feet -- expires in December 2007.
CytRx has funded research and licensed technology from the University of Massachusetts Medical School. Some of those licenses were transferred to RXi, which was founded by CytRx and four researchers, including UMass Medical School's Dr. Craig C. Mello, who was awarded the 2006 Nobel Prize in Medicine.
CytRx expects to incur a cash charge of up to $260,000 in connection with the Worcester layoff. The company reported a $4.5 million loss for the quarter ended March 31.
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