Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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.

Register
To receive FREE breaking news email alerts for LifeCycle Pharma A/S and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
The U.K. economy grew at a slower pace in the third quarter in the face of rising uncertainty stemming from global economic conditions, preliminary estimates from the Office for National Statistics Office showed Friday. Gross domestic product climbed 0.7 percent from the second quarter, when it grew 0.9 percent. German consumer climate is set to improve slightly in November, ending the downward trend, as income expectations among households strengthened on the back of the strong labor market situation, survey data revealed Friday.The forward-looking consumer confidence index rose slightly to 8.5 in November from 8.4 in October. Software giant Microsoft Corp. said Thursday after the markets closed that its first quarter profit fell 13% from last year, hurt mainly by integration and restructuring costs even as revenue surged 25% thanks to strong sales of its gadgets and cloud-based products. However, the company's quarterly earnings per share came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.