Catalyst Pharmaceuticals to cut 30% of its workforce
Catalyst Pharmaceuticals Inc. said Tuesday it will lay off 30% of its workforce, effective immediately, in an effort to conserve cash. The developer of neuromuscular disease treatments said the job cuts, which affects employees from its commercial team, come as it moves to complete requirements for a new drug application submission for a treatment of Lambert-Eaton myasthenic syndrome and congenital myasthenic syndromes. The company had 23 employees as of March 11, 2016, according to a regulatory filing. "The decision to reduce the Company's workforce has been extremely difficult, but we believe that it is a necessary step to better align our resources and enable us to achieve our goal of bringing Firdapse to market for patients with LEMS and CMS," said Chief Executive Patrick McEnany. The stock, which was still inactive in premarket trade, has plunged 76% year to date, while the S&P 500 has gained 1.1%.
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