Avadel restructuring news

In March, Avadel said it would reduce headcount by about 50 in France, where it conducts all of its R&D operations. After the cuts, the company would have about 50 employees remaining in France. Avadel told BioCentury it will focus on developing its Micropump and LuquiTime drug delivery platforms, and plans to divest or out-license its remaining two delivery platforms Trigger Lock and Medusa. It expects the cuts to be completed by the end of July and result in annual cost savings of $3.5-$4 million.

The company said the cuts will not affect the allocation of resources to the ongoing Phase III REST-ON trial evaluating FT218 to treat excessive daytime sleepiness and cataplexy in patients with narcolepsy. Avadel expects to complete enrollment by year end. FT218 is a once-nightly formulation of sodium salt of gamma hydroxybutyrate (GHB), a metabolite of the neurotransmitter GABA, delivered via Avadel’s Micropump technology...