Progenics Pharmaceuticals,
Inc. PGNX today announced a companywide restructuring, including a
reduction of its workforce. The company will continue to focus its resources
and efforts on its oncology programs, particularly an upcoming phase 2 study
of PSMA ADC in prostate cancer patients.
Progenics provided these additional details:
* Annual cash expenditures will be reduced by an estimated $8 million after
restructuring and severance costs. Headcount was reduced by 26% to 77
employees.
* The company is terminating several early stage research projects.
Preclinical research will continue in the company's PI3K program.
* Clinical development and manufacturing capabilities are unaffected by the
reduction.
* Chief Financial Officer Robert McKinney and Senior Vice President of
Quality Benedict Osorio are stepping down, effective September 30. Senior
Executive Director and Treasurer Angelo Lovallo will become Principal
Financial Officer and Principal Accounting Officer.
* Today 's workforce reduction reflects termination of the early stage
research, last year's out-licensing of Relistor^® to Salix
Pharmaceuticals, and planned divestitures of the previously discontinued
PRO 140 and C. difficile programs.
* These actions follow the U.S. Food and Drug Administration's issuance of a
Complete Response Letter related to a Supplemental New Drug Application
for use of subcutaneous Relistor in patients with chronic, non-cancer
pain. Under the terms of its agreement with partner Salix Pharmaceuticals,
Progenics is entitled to a $40 million milestone upon regulatory approval
of Relistor for this indication.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: NewsManagement
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in