Rigel Pharmaceuticals cuts 38% of workforce to refocus on fostamatinib
Rigel Pharmaceuticals Inc. said Thursday it is cutting 46 jobs, or 38% of its workforce, as it restructures to focus its efforts on commercializing fostamatinib, a treatment for chronic immune thrombocytopenia (ITP), a condition that causes patients to bruise and bleed easily. "A smaller research department will continue Rigel's mission to identify and develop novel small molecule therapeutics and will maintain active programs in immunology and oncology," the company said in a statement. Rigel is expecting to save $17 million to $20 million annually and to book a charge of about $5.7 million, most of it in the third quarter. Fostamatinib met its primary targets in two recent late-stage trials. Rigel also said that co-founder Donald Payan is retiring. Shares were not yet active in premarket trade, but have gained 12.5% in the year so far, while the S&P 500 has gained 4%.
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