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BRIEF-Peregrine announces measures to reduce costs, facilitate profitability and strengthen its operations
August 11, 2017 / 12:47 PM / a month ago

BRIEF-Peregrine announces measures to reduce costs, facilitate profitability and strengthen its operations

Aug 11 (Reuters) - Peregrine Pharmaceuticals Inc

* Peregrine announces measures to reduce costs, facilitate profitability and strengthen its operations

* Says ‍anticipated annual cost savings of over $7 million​

* Peregrine Pharmaceuticals ‍reduced its overall workforce by 60 employees (or 20%) as part of its series of planned strategic actions to reduce costs​

* Peregrine Pharmaceuticals Inc - ‍Company expects more than $7 million in reduced annualized operating expenses beginning in fiscal year 2019​

* Peregrine Pharmaceuticals Inc - ‍As part of cost saving initiatives, company reduced Peregrine’s research and development personnel by 50% to 11 employees​

* Peregrine Pharm - ‍Charge to earnings for personnel reductions will be between $1.1 million and $1.7 million, which is expected to be incurred during Q2 2018​

* Peregrine Pharmaceuticals Inc - ‍Expects workforce reductions to result in a net cost savings of between $3.7 million and $4.3 million in fiscal year 2018​

* Peregrine Pharmaceuticals - ‍Reduction in workforce part of planned actions while co pursues strategic options for its research and development assets​

* Peregrine Pharmaceuticals Inc - ‍Expects workforce reductions to result in over $7 million in reduced annualized operating expenses beginning in 2019​

* Peregrine - ‍Personnel supporting avid bioservices CDMO business, was reduced by 20 percent to 184 employees to align operations with reduction in forecasted revenues​ Source text for Eikon: Further company coverage:

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