CTI BioPharma plans to slash 50% of workforce

14 December 2018

CTI BioPharma (Nasdaq: CTIC) saw its shares fall 7.77% to $1.36 yesterday, after it announced a restructuring plan to improve efficiencies and reduce costs within the organization.

As part of this plan, workforce reductions have been implemented that impact around 50% of the total number of the company's employees. Cost savings of about $20 million primarily associated with reduced employee costs are expected over three years.

The company plans to provide financial guidance in the first half of 2019 when details of the US Phase III trial design, including trial size and dosing schedule, have been determined.

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