Finance Watch: FibroGen, Amarin And Others Downsize To Survive

9 Meters’ Execs Resign After Bankruptcy, De-Listing

 
• By Mandy Jackson
  
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Restructuring Edition: FibroGen follows its clinical setback with a 32% reduction in force, cutting 104 jobs. Also, Amarin named a new CEO, but cut all US sales and 30% of non-sales US roles, and 9 Meters is headed for dissolution after Chapter 7 bankruptcy, while several others seek strategic alternatives.

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Since it has become difficult for many biopharmaceutical companies to raise money during the past year and a half, several firms have been forced to cut costs to make remaining cash balances last longer. Drug developers also have restructured and laid off employees as clinical trials and product launches failed to meet expectations, as was the case for FibroGen, Inc. and Amarin Corporation plc, which recently announced restructuring plans and job cuts.

Strategic Shifts In Focus

FibroGen said in a 19 July filing with the US Securities and Exchange Commission (SEC) that the company will implement...

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