Ardelyx Axing 28% of Workforce, Refocuses on Later-Stage Programs

05:25 EDT 9 Aug 2017 | Genetic Engineering News

Ardelyx said today it will eliminate 28% of its workforce—30 employees—leaving the company with 76 employees, in a restructuring that will refocus the drug developer on its later-stage pipeline programs. The job cuts will affect “primarily including research and certain development and general administrative personnel,” Ardelyx disclosed in its quarterly earnings regulatory filing. “We expect that the workforce reduction will be substantially completed by September 1, 2017 and will be entirely completed by November 1, 2017,” the company projected in a Form 10-Q, filed today. Ardelyx said it expects to incur approximately $0.8 million in one-time expenses related to employee severance benefits and related costs. Most of the charge is expected to be reflected in Q3 results. The company also projects that the savings will extend its financial operating “runway” to the end of 2018. “As we look ahead, we are confident that the changes we ...

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