INFI - Infinity Pharma cuts jobs seeking strategic transaction for eganelisib
2023-07-25 16:44:55 ET
Infinity Pharmaceuticals ( NASDAQ: INFI ) said Tuesday it is reducing 78% of jobs across the company, which translates to about 21 positions, and trimming its board size to five from eight.
The company expects to take a one-time charge of $3.4 million related to severance and restructuring during Q3.
INFI said its board is seeking a strategic transaction to "maximize eganelisib’s potential" and intends to retain an investment bank to lead the process.
The company has advanced eganelisib for a Phase 2 clinical trial in head and neck squamous cell carcinoma and has submitted the final protocol to the FDA.
Additionally, the company is considering whether to drop its appeal of Nasdaq's decision to delist its common stock from the exchange.
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Infinity Pharma cuts jobs, seeking "strategic transaction" for eganelisib