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news.US-based Targanta Therapeutics has announced a strategic restructuring including a staff reduction of 86 employees, approximately 75% of the company's total workforce. Following the restructuring, the company expects to have 27 employees. The company expects the majority of the plan to be implemented by the end of December 2008.
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As part of the restructuring and to further reduce costs, chief development officer, Pierre Etienne; chief commercial officer, Mona Haynes; and, vice president of operations and head of Targanta’s Indianapolis, Indiana site, Roger Miller, are expected to leave the company. Employees affected by the reduction have been offered severance benefits.
According to the company, the restructuring and corresponding reduction in workforce is meant to preserve capital, while maintaining key personnel needed to support the regulatory approval process for oritavancin in the EU, while simultaneously clarifying the regulatory pathway for oritavancin with the FDA and developing the protocol for an additional Phase III study of oritavancin for the treatment of complicated skin and skin structure infections (cSSSI).
Mark Leuchtenberger, president and CEO of Targanta, said: Targanta has transitioned from a company preparing for the commercial launch of its lead drug candidate to a late-stage clinical development company since receiving the FDA’s complete response letter to our new drug application for oritavancin.
Targanta’s management team and its board of directors are in alignment that our best path forward to achieving our corporate goals and preserving shareholder value is to restructure the company and focus our resources and capital in a way that efficiently advances oritavancin for the treatment of cSSSI.