Still trying to preserve cash, A.P. Pharma announced that it is once again cutting about a third of its staff. Back in November, the Redwood City, CA-based developer axed a third of its workforce, or 18 people. This time around A.P. is reducing its headcount by 34 percent--11 people.
A.P. needs to preserve its cash to continue advancing its lead program, APF530, towards regulatory approval and commercialization. APF530 is a long-acting formulation of granisetron that uses the company's Biochronomer drug delivery system. Earlier this month, A.P. submitted an NDA for the therapy for the prevention of chemotherapy-induced nausea and vomiting.
"A.P. Pharma's recent NDA submission for APF530 was the result of the dedication of our entire team, making this reduction in our work force even more difficult," said Ronald J. Prentki, A.P. Pharma's president and chief executive officer. "Considering the continuing challenges of today's economic environment, it is necessary for us to make additional reductions to our staff as we focus the Company's resources on working towards approval of APF530 in the first half of 2010. I want to extend my thanks and gratitude to our departing colleagues and wish them the very best in their future endeavors."
- check out A.P. Pharma's release