Cerulean to slash its workforce
Cut in staff due to failed clinical study of CRLX101.
Cerulean Pharma, a clinical-stage company developing nanoparticle-drug conjugates (NDCs), is reducing its workforce by approximately 48%, to a total of 23 full-time equivalent employees, under a plan expected to be substantially completed by the end of 2016. This workforce reduction is designed to reduce operating expenses while the company refocuses its clinical strategy for CRLX101. Affected employees are being offered severance and outplacement assistance.
"This reduction in force is a difficult but necessary step as we refocus our development priorities for CRLX101, our lead NDC candidate," said Christopher D.T. Guiffre, President and Chief Executive Officer of Cerulean. "I would like to personally express my appreciation to each of the employees impacted by this decision for their commitment to Cerulean and CRLX101. We remain committed to unlocking the power of this potential best-in-class topoisomerase 1 inhibitor, as well as realizing the promise of our pipeline and platform."
Cerulean expects the reduction in force to result in approximately $5.0 million in reduced annualized operating expenses once the plan is fully implemented.
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