Progenics Pharmaceuticals, Inc. is trimming its staff by 26% and cutting its infectious disease and virology programs so that it can focus solely on its oncology program.
Progenics Pharmaceuticals, Inc. is trimming its staff by 26% and cutting its infectious disease and virology programs so that it can focus solely on its oncology program. According to the Progenics Website, 38 jobs will be cut as part of the strategic restructuring. The company will also close 1 of its manufacturing sites, in Tarrytown, New York.
“We have enhanced our focus. We had been operating across too many therapeutic areas and became spread too thin,” said Mark R. Baker, Progenics’ chief executive officer, in a statement released in September. “As a result, our resources and attention were divided in a way that caused inefficiencies, and blocked us from maximizing the potential of our programs.”
In addition to cutting its infectious disease and virology programs, Progenics has also completed its development activities for Relistor, a methylnaltrexone bromide injection used to treat constipation in patients who take opioids for pain and for whom laxatives are not effective.
“We have elected to concentrate on oncology, where we can be among the best and bring needed therapies to a growing market,” Baker said. “We already have excellent research and clinical capabilities in oncology and expect that our expertise and commitment will allow us to attract new opportunities in that field.”