Renovis (RNVS) slashed its workforce by 40%.

The South San Francisco, Calif., biotech made the move less than three months after partner AstraZeneca ( AZN) pulled the plug on a stroke drug the companies were developing. That news sent shares of Renovis tumbling 73% in a day back in October.

Renovis said Tuesday that its VR1 collaboration with Pfizer ( PFE) and its ability to advance its unpartnered programs focused on antagonists of the purinergic receptors P2X7 and P2X3 are unaffected by the restructuring.

Renovis expects to incur $1 million in restructuring charges in the first quarter. As of Sept. 30, Renovis had cash, cash equivalents and marketable securities of $104.7 million. Based on current projections, the company expects current cash, cash equivalents and marketable securities to be sufficient to fund projected activities at least through the end of 2009.

Shares rose a dime late Tuesday to $3.55.

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