Peregrine Pharmaceuticals said today it will eliminate 20% of its workforce60 jobsin a restructuring designed to cut costs and position the company for profitability while it continues to assess strategic options for its R&D operations.
Peregrine halved its R&D staff, leaving it with 11 employees who will support potential strategic alternatives for its R&D operations while continuing to assist with the companys collaborative trials, antibody discovery platform, and exosome program.
The company also cut by 20%, to 184 employees, the staff for its Avid Bioservices CDMO wholly owned subsidiary, saying it expects to generate reduced revenues. Peregrine also sliced its selling, general, and administrati…
Read the full article at: http://www.genengnews.com/gen-news-highlights/peregrine-pharmaceuticals-axing-20-of-workforce-60-jobs-in-restructuring/81254801