BUFFALO, N.Y. — A series of changes aimed at boosting profitability at Athenex Inc. could lead to job losses in the region.
The Buffalo-based biopharmaceutical company used its earnings call Wednesday to announce a pivot that will see R&D efforts focus on cell therapy programs and away from nearly all of its oral therapy programs. The company also said it will reduce operating expenses by more than 50% by implementing cost-cutting initiatives and workforce reductions.
CEO Johnson Lau said many of the activities related to small molecule oral discovery are already being discontinued, while activities related to two additional studies are being reduced. Additional cuts will affect the clinical operations and marketing teams at Athenex (NASDAQ: ATNX) to create a leaner structure, he said. You can read the full story on Buffalo Business First's website.
