Rockville biotech restructures with job cuts, changes to pipeline under new leadership

Rockville biotech restructures with job cuts, changes to pipeline under new leadership
<span>Rexahn Pharmaceuticals Inc. has initiated a restructuring of the company, the first step of&nbsp;<a href="https://www.bizjournals.com/washington/news/2018/11/21/not-business-as-usual-rockville-biopharma-s-new.html" target="_blank">a different game plan</a>&nbsp;from newly appointed CEO&nbsp;<a href="https://www.bizjournals.com/washington/search/results?q=Doug%20Swirsky">Doug Swirsky</a>.</span><p>The Rockville clinical-stage biotech is eliminating six positions &mdash; dropping its workforce to 10 employees &mdash; to lower operating costs, while making other changes to streamline its oncology pipeline, according to a company release.&nbsp;</p>

By   – Staff Reporter, Washington Business Journal

Rexahn Pharmaceuticals Inc. has initiated a restructuring of the company, the first step of a different game plan from newly appointed CEO Doug Swirsky.

The Rockville clinical-stage biotech is eliminating six positions — dropping its workforce to 10 employees — to lower operating costs, while making other changes to streamline its oncology pipeline, according to a company release. 

“These cost reductions are expected to extend our operating runway into the fourth quarter of 2019 and provide further savings in 2020 and beyond,” Swirsky said in a statement. With that, Rexahn (NYSE: RNN) will focus on two drug candidates in development “as we explore opportunities to extract full value from these programs,” Swirsky said.

One is a candidate in an ongoing phase 2 clinical trial in patients newly diagnosed with metastatic pancreatic cancer, with expectations to present updated data in January. The company also expects results from an ongoing study of patients with advanced bladder cancer for the same candidate in the first half of the year. 

The second is in a clinical trial with Merck & Co. Inc. (NYSE: MRK) to evaluate the combination of two treatments for patients with metastatic...

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Source: www.bizjournals.com