NOVEMBER 29, 2022 — 75% OF RESEARCH & DEVELOPMENT STAFF TO BE LAID OFF
The company has announced plans to lay off 75% of its research and development staff after the FDA’s rejection of the company’s cancer drug candidate known as poziotinib.
According to a company statement, “The Company will de-prioritize poziotinib program activities, effective immediately, and is in the process of reducing its R&D workforce by approximately 75%. Based on the anticipated cost savings from the restructuring, Spectrum believes it will be able to generate the working capital required to support its strategic refocusing through 2024.”
JANUARY 11, 2022 — Original post…
Henderson, Nevada-based Spectrum Pharmaceuticals, a biopharmaceutical company specializing in novel and targeted oncology therapies, today announced a strategic restructuring to prioritize its late-stage product opportunities and deprioritize development activities of its early-stage clinical development and research programs.
The restructuring effort will impact approximately 30% of the Spectrum workforce.
According to Tom Riga, president and chief executive of Spectrum Pharmaceuticals, “The decision to restructure the organization is necessary to focus on our advanced clinical programs that will drive our future growth. I would like to express my appreciation to our colleagues who are affected by this decision and are leaving Spectrum. We are grateful for their dedication and their contributions to advancing our mission. The changes we are implementing are expected to result in a reduction in operating expenses and the extension of the company’s cash runway into 2023.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?