(RTTNews) - 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."
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
