Heron Therapeutics To Axe 34% Jobs

(RTTNews) - Heron Therapeutics, Inc. (HRTX) said on Thursday that it will slash 34 percent of its total workforce and cut streamlined operational expenditure as part of its cost reduction strategy.

Barry Quart, CEO of Heron, said: "To address the current market realities and the macro headwinds facing many commercial-stage biotechnology companies, we are enacting critical plans to protect Heron's long-term sustainability and growth plans."

With this move, the annual cost savings of $43 million will enable Heron to maintain a streamlined organization to support its acute care and oncology care franchises and extend its cash runway.

The streamlined operational expenditures include reductions and reallocations in overall sales, general and administrative expenses, and others.