Directory assistance for the 919 area code in North Carolina no longer lists a phone number for Macronex Inc., a small biotechnology company located in Morrisville. Although technically still a going concern, Macronex currently has only two employees and is in the process of going out of business.

ImmunoGen CEO STRAPPED: ImmunoGen CEO Mitchel Sayare observes, from hard experience, that "things are not going well for companies that don't have enough cash."

"We've pretty much closed our operation . . . a casualty of the current financing environment for biotech companies," explains George Cianciolo, vice president for research and development at Macronex, when reached at home. "We're in the process of selling off our assets."

The pressure is on for many biotechnology companies, from very small ones such as Macronex to those with up to a few hundred employees that nonetheless lack a product to sell. For the last several years, financing...

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