Pharmaxis to slash staff
May 29, 2013
PHARMACEUTICAL research firm
Pharmaxis yesterday announced
a staff reduction of around 30%,
after a major review of the business
following “recent regulatory and
clinical trial setbacks”.
The revised plan “delivers
significant reductions in expenses
and increases the focus on
partnering strategies” to reposition
the company for the future in the
global respiratory drug market.
Partnership opportunities for
Bronchitol will be sought in the US
for cystic fibrosis, and globally for
bronchiectasis, while the company
will retain a direct commercial
interest in Bronchitol in Europe and
other approved and reimbursed
markets for the product.
Staff numbers will be cut across
the board from 155 to 110 by
31 Dec, saving about $12 million
per annum and resulting in
restructuring costs of $2 million
which will be booked in 2012/13.
Pharmaxis said it would manage
its US regulatory efforts from
Australia with US advisors, merge
its chief operating officer role
into that of the CEO and reduce
consulting costs, as well as closing
its US office and cutting staff in its
clinical and Bronchitol R&D areas.
Chairman Malcolm McComas
said the failure of the company
to achieve regulatory milestones
meant that 2013 would be a “year
of restructure.
“I believe we have a clear plan
and a viable way forward,” he said.
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