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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 ...NEXT ARTICLE
An antibody is a protein produced by the body's immune system when it detects harmful substances, called antigens. Examples of antigens include microorganisms (such as bacteria, fungi, parasites, and viruses) and chemicals. Antibodies may be produc...