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Peregrine Pharmaceuticals cuts workforce by 20%

Peregrine Pharmaceuticals Inc. reduced its workforce by 60 employees, or 20% overall, as part of the company's strategy to reduce costs and achieve profitability.

As part of the job cuts, the company reduced its research and development personnel by 50% to 11 employees, its contract development and manufacturing organization business workforce by 20% to 184 employees, and its selling, general and administrative personnel by 8% to 49 employees.

Peregrine expects the job cuts to result in net cost savings of between $3.7 million and $4.3 million in fiscal 2018, as well as over $7 million in reduced annualized operating expenses beginning in fiscal 2019.