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
Alaska Air Group Inc., which completed its $2.6 billion acquisition of Virgin America last year, said that the combined company will adopt Alaska Air's name and logo. The Virgin America name will be retired, "likely sometime in 2019," the airline added. Apple Inc. has agreed to acquire Workflow, an iOS app for automating tasks, as well as its development team for an undisclosed sum. Workflow is a personal automation tool that enables the user to drag and drop combination of actions to create workflows for the iPhone, iPad and Apple Watch. After long negotiations to win over one of the largest and fastest growing smart phone markets, Apple has decided to assemble its 4-inch screen iPhone SE in India.
comments powered by Disqus
Follow RTT