PhaseRx, Inc. (NasdaqCM:PZRX) recently disclosed that it was reducing its workforce to half, as part of a restructuring to cut costs and delay the development of its lead product candidate. The biopharmaceutical company said it was cutting 10 jobs, including some executive officers. As of June 30, the company had 20 employees and $8.4 million in cash and equivalents. PhaseRx said it is review strategic alternatives, including a potential merger.