Exelixis Inc. announced a restructuring plan on Monday that will result in the elimination of 270 jobs, or about 40 percent of the bio-tech company’s entire workforce.
Exelixis, which is based in San Francisco, said the restructuring will result in a decrease of cumulative cash expenditures by $90 million through 2011. It “increases the company’s financial strength and positions the company for long-term sustainable growth,” according to a press release.
“We are convinced that the restructuring is the right step for the company and positions us well to move into the future,” said President and CEO George A. Scangos. “However, it is extremely difficult to release many people who have contributed substantially to the company over the years and who are our friends and colleagues.”
Exelixis is a development-stage biotechnology company catering to the discovery and development of novel small molecule therapeutics for the treatment of cancer and other serious diseases.
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