2023-06-29 09:11:33 ET
Eiger BioPharmaceuticals ( NASDAQ: EIGR ) announced Thursday its intention to reduce 25% of its workforce amid plans to reorganize its portfolio following a strategic review.
The Palo Alto, California-based biotech focused on rare diseases also announced the appointment of David Apelian as its next CEO.
Apelian, who became Eiger’s ( EIGR ) interim CEO in December, had previously served as the company's chief operating officer and executive medical officer during 2018–2019.
As part of changes to the pipeline, the company has decided to increase its focus on developing avexitide for metabolic conditions such as hyperinsulinemic hypoglycemia. “In the future, we also intend to develop avexitide for congenital hyperinsulinism as a second indication,” Apelian said.
Eiger ( EIGR ) is also seeking partnerships to develop virology assets, lonafarnib and peginterferon lambda.
Meantime, commercialization of Zokinvy (lonafarnib) for Hutchinson-Gilford progeria syndrome and processing-deficient progeroid laminopathies will continue.
According to Eiger ( EIGR ), the plans to reduce staff and cut R&D spending on the hepatitis delta (HDV) program, along with its existing term loan, are expected to extend its cash runway into Q4 2024.
More on Eiger
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- Eiger: Wall Street Has High Expectations For Faltering Battleground Stock
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Eiger cuts 25% of staff in portfolio reorganization