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Peregrine Pharma retools operations, 60 jobs axed

Published 08/11/2017, 09:39 AM
© Reuters.  Peregrine Pharma retools operations, 60 jobs axed
CDMO
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  • With the aim of reducing costs and improving execution, Peregrine Pharmaceuticals (PPHM -0.3%) downsizes its operations by 20% (60 positions). It says the move will save $3.7M - 4.3M in annual expenses in fiscal 2018 and more than $7M per year thereafter.
  • R&D staff was reduced 50% to 11 employees (11 jobs). Personnel supporting the Avid Bioservices CDMO business was cut 20% to 184 positions (46 jobs) and SG&A personnel was cut 8% to 49 employees (4 jobs). The total jobs eliminated, according to the math, is 61.
  • The company is currently exploring strategic options for its R&D assets.
  • A search for a President to lead Avid is underway.
  • Now read: MyoKardia's Strong Secondary Offering Flashes A Buy Signal


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