- Rigel Pharmaceuticals ( NASDAQ: RIGL ) is eliminating 16% of its workforce -- 30 positions -- in the wake of a decision to not file supplemental New Drug Application (sNDA) for fostamatinib for warm autoimmune hemolytic anemia.
- Shares are down 12% in after-hours trading.
- The decision not to pursue the sNDA followed guidance from the US FDA on its review of the company's re-analysis of data from a phase 3 trial.
- Due to the workforce cuts, Rigel ( RIGL ) will recognize a one-time cash severance-related charge of ~$1.5M this quarter. However, the headcount reduction will lead to reduced operating expenses ranging from $7M-$8M annually, beginning in 2023.
- Seeking Alpha's Quant Rating views Rigel ( RIGL ) as a hold.
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Rigel cutting 16% of workforce after declining to file sNDA for fostamatinib