Peregrine Pharmaceuticals Inc. said it laid off one-fifth of its workforce, or 60 employees, as part of a cost cutting plan. The biopharmaceutical company expects to save $3.7 million to $4.3 million in fiscal 2018 from the job cuts, and more than $7 million in operating expenses beginning in fiscal 2019. The company said it cut its research and development workforce in half to 11 employees. The company expects to take a one-time charge of $1.1 million to $1.7 million for the job cuts during the second quarter of fiscal 2018. “While this was a difficult decision, our board and management team believe it was a necessary step as we continue to evaluate strategic options to further strengthen our two distinct businesses and seek to maximize shareholder value,” said Chief Executive Steven King. The layoffs come a month after the company announced plans to expand its board of directors. The stock, which was still inactive in premarket trade, has tumbled 14% over the past three months, while the S&P 500 has gained 1.8%.
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