Myrexis (NYRX) to Cut Headcount By an Additional 20%; Total Now at 55% for Year
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Myrexis, Inc. (Nasdaq: MYRX), a biotechnology company focused on the development of small molecule therapeutics with novel chemical structures and distinct mechanisms of action, today announced a corporate reorganization to realign the Company's resources with its development strategy and clinical initiatives following the suspension of further development of Azixa.
The reorganization includes an immediate reduction in the Company's workforce by 15 employees, or approximately 20%, and follows a 41% reduction earlier this year. As a result of the current reorganization, the Company estimates it will generate annual expense savings of approximately $1.8 million. The Company will record one-time severance costs of approximately $0.6 million, which will be recorded in the second fiscal quarter ending December 31, 2011.
After taking into account today's reduction in force, the Company has reduced its headcount by over 55% in the last twelve months and by over 67% since its emergence as a public company in July 2009. As in the past, the Company will continue to assess its resource requirements in an effort to maintain alignment with its program needs.
The reorganization includes an immediate reduction in the Company's workforce by 15 employees, or approximately 20%, and follows a 41% reduction earlier this year. As a result of the current reorganization, the Company estimates it will generate annual expense savings of approximately $1.8 million. The Company will record one-time severance costs of approximately $0.6 million, which will be recorded in the second fiscal quarter ending December 31, 2011.
After taking into account today's reduction in force, the Company has reduced its headcount by over 55% in the last twelve months and by over 67% since its emergence as a public company in July 2009. As in the past, the Company will continue to assess its resource requirements in an effort to maintain alignment with its program needs.
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