Metabasis to reduce workforce 85%

The USA's Metabasis Therapeutics will slash its workforce by 85%, terminating 45 positions in a bid to cut costs as its board of directors  evaluates strategic alternatives.

The seven remaining employees, primarily consisting of the current  officers of the company, will assist the board in assessing and  potentially implementing these alternatives. The company stressed that  if it is unable to raise capital in the near-term it may be forced to  cease its operations entirely.

The firm also failed to meet the minimum stockholders' equity  requirement of $2.5 million required for continued listing on the Nasdaq  Capital Market and must submit a plan to regain compliance.