CTI BioPharma Corp. will begin a restructuring plan that includes a workforce reduction of 50% across the total number of the company's employees.
The employee reductions will lead to cost savings of an estimated $20 million over three years, according to the company's Dec. 13 press release.
The Seattle-based biopharmaceutical company said the restructuring will improve efficiencies and preserve capital for pacritinib, the company's investigational treatment for myelofibrosis.
Myelofibrosis is a bone marrow disorder that disrupts the body's ability to reproduce red blood cells, according to the Mayo Clinic.
CTI BioPharma will provide financial guidance for the treatment in the first half of 2019 when it determines the details of the U.S. Phase 3 trial design, according to the press release.