Veloxis Pharmaceuticals transplant, drug delivery news

Veloxis said it plans to restructure and reduce headcount by about 40-50% to 30-35 to conserve resources for the development and commercialization of LCP-Tacro to prevent organ rejection. The company said it will discontinue other pipeline activities, including early phase research, but did not provide details. EVP of Pharmaceutical Development and CMC Peter Nielsen is included in the cuts. Veloxis expects the restructuring to save about DKK35-DKK40 million ($6-$6.9 million) annually starting in 2013. At March 31, the company had DKK213.8 million ($36.7 million) in cash. Its 2011 operating loss was DKK269.9 million ($47 million). ...