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
The U.S. Consumer Products Safety Commission has asked Safety 1st to recall 35,000 highchairs after several children fell and were injured. The recall covers about 35,000 wooden Safety 1st highchairs in three models: HC144BZF (Casablanca), HC229CZF (Gentle Lace) and HC229CYG (Black Lace). Safety... Ferrari, the luxury car division of Fiat Chrysler Automobiles (FCAU) is reportedly getting a much higher valuation than previously expected driven by its premium status of manufacturing high-performance luxury cars. According to reports, Ferrari expects the IPO to bring its market valuation to about... SeaWorld Entertainment Inc. (SEAS) has received another blow to its business as the California Coastal Commission banned breeding of captive killer whales in San Diego. The new law means SeaWorld won't be allowed to breed captive orcas, including through artificial insemination, at its California...
comments powered by Disqus
Follow RTT