A.P. Pharma, Inc. is reducing its staff by approximately 34% (11 employees) in order to allow for the resources needed 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. The NDA for APF530 was submitted earlier this month for the prevention of chemotherapy-induced nausea and vomiting (CINV).
"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.”
The company expects one-time costs associated with this headcount reduction to be approximately $350,000, which will be recorded in 2Q09.
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