Zogenix Announces Initiatives to Reach Key Business Milestones
The Company's initiatives include:
- A reduction in the Company's workforce of 148 by a total of 55 full-time equivalent employees (approximately 37%) across all functional areas of the Company.
Maintaining the Company's core commercial capabilities and ability to support the potential launch of Zohydro ER three to four months after potential approval by retaining 93 full-time equivalent employees, including 57 in sales and marketing. The expected timeline for
FDAaction on the Zohydro ER NDA is unchanged and remains sometime this summer.
- Cost control initiatives to further reduce operating expenses and capital expenditures.
Increase focus on reaching SUMAVEL DosePro brand-level profitability, and to leverage the
Zogenixsale force presence in neurology. The Company is making encouraging progress towards securing a second product to co-promote with a goal of beginning sometime this summer.
Mr. Hawley concluded, "The reduction to our workforce was an extremely difficult decision for our management team and our Board. I have great respect for all of our employees and thank them for the contribution they make every day for the patients we serve. I would like to thank all of our departing employees for their hard work, enthusiasm and dedication to our corporate mission. Planning for our future, we have preserved our core commercial capabilities while reducing the size of our team in light of the unfortunate
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and
SUMAVEL®, DosePro®, ReldayTM and ZohydroTM ER are trademarks of
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