Peregrine slashes R&D in a reorg that claims 60 jobs; Zai Labs in hunt for $150M IPO - report
⇨ A year after its lead cancer drug flopped in Phase III, Peregrine Pharmaceuticals $PPHM is bringing out the ax and slashing its staff by 60 employees. The Tustin, CA-based biotech says it reduced its R&D group by half, down to 11 workers, while its contract manufacturing division Avid Bioservices was also cut. This is all a result of a strategic review underway to survey options for its R&D assets.
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