CombinatoRx cuts 30 more jobs

CombinatoRx Inc., a Cambridge biotechnology company, said it plans to layoff another 30 employees, just weeks after it said it was cutting 52 jobs.

CombinatoRx said the combined cuts, amounting to 65 percent of its workforce, should enable the company to continue to operate for at least four more years without raising additional cash.

The company made the moves after its lead drug, an osteoarthritis treatment, proved ineffective in a clinical trial, causing its stock to plummet.

In a statement, chief executive Alexis Borisy said CombinatorRx continues to believe its screening technology has the potential to identify new drugs.
(By Todd Wallack, Globe staff)