Queensbury, N.Y.-based Delcath (NSDQ:DCTH) announced last week that it plans to pare its workforce by about 20%, the latest in a series of layoff announcements from the oncology devices maker. This is the 3rd time this year that Delcath has announced imminent layoffs, having announced smaller cuts in April and larger layoffs in January.
The terminations come in the wake of the device maker’s breakdown at the FDA. The FDA’s Oncologic Drugs Advisory Committee in May voted 16-0 that the risks associated with Delcath’s Melblez Kit are higher than its potential benefits for patients with unresectable ocular melanoma metastatic to the liver.
Delcath reported that the cuts are an attempt to "better focus the company’s organizational structure and concentrate financial resources on its clinical development program and European commercialization," noting that European operations will not be impacted by the layoffs.
New of the layoffs was contained in a press release announcing the appointment of William Appling to take over as both the head of R&D and head of global operations. Appling, who has worked for the company for 3 years, will take over for former executive VP of global operations, Harold Mapes, and for former R&D executive Krishna Kandarpa.
"The actions we announced today are designed to further increase our organizational efficiencies with a goal of reducing our expected cash burn in the fourth quarter to approximately 50% of what it was in the 2nd quarter of 2012," Delcath CEO Eamonn Hobbs said in prepared remarks. "Our team continues to be focused on our key strategic priorities in clinical development and European commercialization."
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