TARRYTOWN, N.Y. (AP) — Aiming to become leaner, more nimble and decisive, Progenics Pharmaceuticals Inc. plans to cut 26 percent of its staff and narrow its focus to oncology.
The Tarrytown, N.Y., company said Thursday it will cut 38 jobs, stop working in virology and infectious diseases and close a Tarrytown manufacturing site. It expects to reduce annual expenses by about $7.5 million.
“We had been operating across too many therapeutic areas and became spread too thin,” CEO Mark R. Baker said in a statement. “As a result, our resources and attention were divided in a way that caused inefficiencies and blocked us from maximizing the potential of our programs.”
The company also has completed development activities tied to Relistor, a drug that treats constipation cause by opioid pain medications. Progenics licensed rights for Relistor to Salix Pharmaceuticals Inc. earlier this year. Progenics said Salix has taken over development and commercialization activities and related expenses.
Shares of Progenics rose 4 cents to $6.06 in morning trading Thursday.
