Aimed at extending its cash runway, Five Prime Therapeutics (NASDAQ:FPRX) will restructure its operations, including cutting 70 jobs across all functions, most (70%) by year-end.
Management says the move should save ~$20M per year. It will record a ~$3M pre-tax charge for related costs.
The company reaffirms its 2019 guidance and expects to end the year with $148M – 153M in quick assets.
https://seekingalpha.com/news/3505122-five-prime-restructure-axe-70-jobs
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