logo
  

Spectrum Pharma To Restructure Organization; To Cut Workforce By Approx. 30%

Spectrum Pharmaceuticals (SPPI) announced a strategic restructuring, which will result in a workforce reduction of approximately 30%. The company noted that physical footprint of selected facilities will be significantly reduced in 2022.

Spectrum said the company is prioritizing the development activities for its late-stage
assets, poziotinib and ROLONTIS, and will deprioritize work on its early-stage
pipeline, FIT Program and IL-12.

Tom Riga, CEO, Spectrum Pharmaceuticals, said: "The changes we are implementing
are expected to result in a reduction in operating expenses and the extension
of the company's cash runway into 2023."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Ryanair Holdings Plc reported Monday a loss in its fiscal year 2022, narrower than last year, with strong growth in traffic and load factor. Looking ahead, the company said it expects to return to reasonable profitability in fiscal 2023. Shares of the low fares airline were losing around 4 percent in the morning trading in Germany. The U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS has issued a public health alert against Weis Markets' ready-to-eat or RTE General Tso Chicken meals due to misbranding and undeclared milk, a known allergen. The RTE General Tso Chicken meals were prepared, labeled and sold in the Deli area at Weis Markets stores between April 13 and May 11, 2022. Deutsche Telekom AG on Friday raised its fiscal 2022 adjusted earnings forecast after reporting significantly higher net profit in its first quarter. Shares of the German telecom major were gaining around 1 percent in the morning trading in Germany. For fiscal 2022, the company now expects to post adjusted EBITDA AL of more than 36.6 billion euros.
RELATED NEWS
Follow RTT