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.