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Peregrine Pharmaceuticals Axing 20% of Workforce, 60 Jobs, in Restructuring

07:13 EDT 11 Aug 2017 | Genetic Engineering News

Peregrine Pharmaceuticals said today it will eliminate 20% of its workforce—60 jobs—in a restructuring designed to cut costs and position the company for profitability while it continues to assess strategic options for its R&D operations. Peregrine halved its R&D staff, leaving it with 11 employees who will support potential strategic alternatives for its R&D operations while continuing to assist with the company’s collaborative trials, antibody discovery platform, and exosome program.   The company also cut by 20%, to 184 employees, the staff for its Avid Bioservices CDMO wholly owned subsidiary, saying it expects to generate reduced revenues. Peregrine also sliced its selling, general, and administrative (SG&A) workforce by 8%, leaving it with 49 employees. As of April 30, 2017, Peregrine employed 319 full-time employees and four part-time employees, according to its Form 10-K annual report filed July 14 for its 2017 fiscal year, which ended April ...

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