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news.Urigen Pharmaceuticals, a pharmaceutical company engaged in the development and commercialization of treatments for urological disorders, has implemented a restructuring plan designed to reduce operating costs while continuing to pursue additional product financing, partnerships and other strategic alternatives.
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Although the company will maintain all of its current personnel under consulting agreements, the company’s staff will be reduced by four employees. This plan is designed to ensure continuity in day-to-day activities, while preserving shareholder value in spite of the current difficulties in the capital markets.
William Garner, president and CEO of Urigen, said: “This restructuring enables the company to significantly reduce operating expenses while we continue to work on options to advance our programs. We believe that the recent URG101 clinical and patent milestones place us in a more favorable position to partner URG101 than we have been in for most of our existence and we are in discussions with several potential partners.
“Our cash conservation measures will cut our overall burn rate by over 60% while maintaining access to the services of all key Urigen personnel. These arrangements allow our commercial, intellectual property and drug development functions to continue under consulting agreements as we work to complete the URG101 Phase II data package which will be used for discussions with the FDA.”