William Ringo, Chairman and Interim CEO of Five Prime Therapeutics
Five Prime Therapeutics said it will eliminate approximately 70 jobs—about 40% of its workforce—and shrink its facilities as part of a restructuring by Chairman and Interim CEO William Ringo that is intended to conserve cash without impacting or delaying its clinical programs.
Seventy percent of those approximately 70 jobs—about 50 positions—will be eliminated by year’s end, with the rest to be cut in 2020. The layoffs will be carried out across all functions, Five Prime said.
Five Prime estimated that it will incur approximately $3 million of pre-tax charges for severance and other costs related to the restructuring, primarily this year—but expects to save approximately $20 million each year
“This restructuring provides the cash runway