Sosei cutting costs

Sosei (Tokyo:4565) said it is cutting costs and streamlining its operations, including closing its R&D office in Cambridge, U.K. The company said closing the office will reduce its staff by 40 and result in annual cost savings of about $4 million. The company, which will retain offices in London and Tokyo, expects the restructuring to provide the company with at least two years of cash.

Sosei attributed the decision to the difficulty in raising funds at the company's "current low share price," as well as the recent problems associated with its AD923 sublingual fentanyl spray. In March, the company halted the European Phase III program for AD923 to treat breakthrough cancer pain after a technical issue with the delivery device that the company at the time said could lead to patients receiving a sub-optimal dose. ...