logo
Share SHARE
FONT-SIZE Plus   Neg

Veloxis To Cut Total Headcount To About 30-35; Unveils Management Changes

Veloxis Pharmaceuticals A/S (LFCYF.PK) said it contemplated restructuring the company's operations in order to fully focus its resources on the completion of the development and subsequent commercialization of LCP-Tacro, Veloxis' product candidate for the prevention of organ rejection. It is planned that a discontinuation of other pipeline activities will take place, including early phase research activities.

If the contemplated organizational restructuring is carried through, it is intended to include a staff reduction of approximately 40-50%. The total headcount of the organization will be reduced from approximately 60 to approximately 30-35. Veloxis Pharma expects the restructuring to reduce the annual cost base of the Veloxis organization by around DKK 35-40 million, once the full savings benefits are realized beginning in 2013.

According to the company, the basis for the contemplated restructuring of Veloxis is to ensure that optimal resources are placed behind LCP-Tacro on its path towards commercialization. This includes working towards filing and regulatory approvals in the US and Europe and the building of an in-house marketing and sales organization in the US.

Along with the planned reduction, Veloxis announced the new management organization. William Polvino and Johnny Stilou continue as CEO and CFO respectively, Johnny Stilou becoming a registered officer of the Company.

Also, John Weinberg is promoted to chief commercial officer and will assume an expanded role in assisting the CEO in oversight of operations. Peter Nielsen, the head of CMC and formulation development will be departing from the company.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Lab equipment maker Thermo Fisher Scientific Inc. has agreed to acquire electron microscope maker FEI Co. for about $4.2 billion in cash, the two companies said Friday. Thermo Fisher noted that FEI's electron microscopy platform will complement its own mass spectrometry systems to accelerate advancements in structural biology. While reporting a wider loss for the first quarter, Sears Holdings Corp. said it has decided to "aggressively evaluate" all potential alternatives for its top brands - Kenmore, Craftsman and DieHard or KCD, and the Sears Home Services or SHS businesses. Sears has retained Citigroup Global Markets and LionTree Advisors to assist in its efforts. Philips Lighting, the splinter group of Dutch consumer electronics giant Philips, saw its shares rally around 8.50 percent on its debut on Friday at the Amsterdam stock exchange. The shares are currently at 21.70 euros, above its set pricing of 20 euros per share.
comments powered by Disqus
Follow RTT