HRTX - Heron Therapeutics proposes 34% cut in workforce as part of cost reduction plan
- Heron Therapeutics ( NASDAQ: HRTX ) on Thursday said it was planning to reduce its employee headcount by 34% as part of a restructuring and cost reduction plan.
- The plan also includes reductions and reallocations to the company's overall sales, general and administrative expenses.
- "To address the current market realities and the macro headwinds facing many commercial-stage biotechnology companies, we are enacting critical plans to protect Heron's long-term sustainability and growth plans," said HRTX CEO Barry Quart.
- HRTX expects that the restructuring actions will result in annualized cost savings of $43M and enable the company to extend its cash runway.
- HRTX stock ended 3.3% higher at $3.17 on Wednesday.
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Heron Therapeutics proposes 34% cut in workforce as part of cost reduction plan