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news.Threshold Pharmaceuticals has reported that it will realign several areas of its operations and reduce staff by approximately one-quarter from 44 employees to 32. This realignment is aimed at reducing expenses and focusing its activities on its hypoxia-activated prodrug program and the ongoing clinical trials of glufosfamide.
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As part of this action, Cathleen Davis, the company’s vice president, finance and controller and Kevin Kaster, the company’s senior vice president, corporate development will leave the company. Joel Fernandes, who is currently the company’s assistant controller, will serve as senior director, finance and controller, effective November 2, 2007. Cathleen Davis and Kevin Kaster will continue to serve the company as consultants.
The company is planning to reduce consulting and other external expenses. Threshold expects to pay severance benefits of approximately $1.2 million in the Q4 of 2007. The company continues to expect cash used for operations to be in the range of $30 to $35 million in 2007. The company currently expects cash and investments to be sufficient to fund projected activities at least through the Q1 of 2009.