A.P. Pharma has joined the list of biotech companies cutting back in the face of the economic crisis. The developer says it has eliminated 18 positions, about a third of its workforce, and placed several early-stage programs on the back burner while they concentrate on their lead therapy. The restructuring was made "in response to the deterioration of the overall economic environment and the financial markets."
Right now all oars in the water are advancing A.P.'s NDA for APF530.
The company will "focus our resources on the major goal of filing the NDA for APF530 and advancing this product toward regulatory approval. Our efforts to establish a commercialization partnership for APF530 continue to be active," said CEO Ronald Prentki. "We intend, if possible, to complete such a partnership with its attendant upfront capital infusion in advance of any future capital needs for the continued operations of the company."
- see A.P.'s results
- read the report from the San Jose Business Journal