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April 5, 2013
09:35 EDTUGNEUnigene Laboratories says reduced workforce by approximately 40%
On April 1, in an effort to conserve capital and further extend its cash runway, Unigene Laboratories implemented a strategic reorganization and downsizing which involved a reduction of approximately 40% of the company’s workforce, with the majority of affected employees having supported Unigene’s Fortical manufacturing and recombinant calcitonin production operations. In recent months, Fortical manufacturing and royalty revenues have been negatively impacted by regulatory recommendations pertaining to the use of calcitonin salmon in Europe and by an advisory committee to the FDA in the U.S. The company estimates that it will incur approximately $250,000 in charges related to the reduction in force, all of which would result in cash expenditures for one-time employee termination benefits and associated costs. The company expects to record the charges and make the related payments by the end of 2Q13.
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