OncoGenex Pharma (OGXI) to Cut Workforce by 55%

October 28, 2016 4:13 PM EDT

Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.

OncoGenex Pharma (NASDAQ: OGXI) disclosed in an SEC filing:

On October 25, 2016, OncoGenex Pharmaceuticals, Inc. (the “Company”) committed to a restructuring of a portion of the Company’s workforce in order to preserve the Company’s resources as it determines future strategic plans.

As part of this restructuring, the Company will eliminate 16 positions, representing approximately 55% of the Company’s workforce. The Company expects the restructuring to be substantially complete in the first quarter of 2017. The Company currently anticipates incurring total restructuring costs of approximately $1.4 million, which includes severance, benefits and related costs of approximately $1.2 million and potential fixed asset impairments of approximately $0.2 million. The Company is continuing to review the potential impact of the restructuring, and is unable to estimate any additional restructuring costs or charges at this time. If the Company subsequently determines that it will incur additional significant costs and restructuring charges, it will amend this Current Report on Form 8-K to disclose such information.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Corporate News

Add Your Comment