AP Pharma cuts workforce by 34%

AP Pharma, a California, USA-based specialty drug firm, has implemented a reduction of about 34% in its work force. The actions are being taken  to allow the company to provide the resources needed to continue  advancing its lead program, APF530, towards regulatory approval and  commercialization. APF530 is a long-acting formulation of granisetron  that utilizes AAP's proprietary Biochronomer drug delivery system. The  New Drug Application for the compound was submitted earlier this month  for the prevention of chemotherapy-induced nausea and vomiting.

"AP Pharma's recent NDA submission for APF530 was the result of the  dedication of our entire team, making this reduction in our work force  even more difficult," said Ronald Prentki, chief executive. The company  expects one-time costs associated with this headcount reduction to be  approximately $350,000, which will be recorded in the second quarter of  2009.