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
They say there's plenty of fish in the sea, but very few of them are as wealthy as these tycoons. May be they have been so busy building their empires they never had the time to stick with a perfect partner to build their family. This list of the richest singles is assorted — from a 34 year-old... Anthony Levandowski, the head of Uber's self-driving division, is stepping away from his role as Uber continues a legal battle with Waymo, Levandowski's former employer. Levandowski, who founded startup Otto, became head of Uber's Advanced Technologies Group or ATG after Otto was acquired by Uber in August 2016. Southwest Airlines Co. has decided to end the practice of overbooking flights, the airline's CEO Gary Kelly said Thursday. The airline's plan to end overbooking could be implemented from May 8, according to a Southwest spokeswoman.
comments powered by Disqus
Follow RTT