Spectrum Pharma To Restructure Organization; To Cut Workforce By Approx. 30%

(RTTNews) - Spectrum Pharmaceuticals (SPPI) announced a strategic restructuring, which will result in a workforce reduction of approximately 30%. The company noted that physical footprint of selected facilities will be significantly reduced in 2022.

Spectrum said the company is prioritizing the development activities for its late-stage assets, poziotinib and ROLONTIS, and will deprioritize work on its early-stage pipeline, FIT Program and IL-12.

Tom Riga, CEO, Spectrum Pharmaceuticals, said: "The changes we are implementing are expected to result in a reduction in operating expenses and the extension of the company's cash runway into 2023."