- Resources to focus on higher value-added business activities
- 35% downsizing in the United States Implemented to preserve long term sustainability
NEW YORK, January 11, 2022 (GLOBE NEWSWIRE) – BeyondSpring Pharmaceuticals (the “Company” or “BeyondSpring”) (NASDAQ: BYSI), a global pharmaceutical company focused on the development of cancer treatments, today announced an initiative by Organizational rationalization focused on prioritizing the company’s business activities with higher added value, extending its cash flow path and preserving long-term sustainability.
As part of the reorganization, BeyondSpring is reducing its workforce in the US by 35%, including the reallocation of some staff to subsidiaries, which is expected to result in cost savings that will extend the cash flow trail. Reorganization follows BeyondSpring’s receipt of a full response letter from the United States Food and Drug Administration for the New Drug Application (NDA) requesting approval of plinabulin in combination with a colony stimulating factor of granulocytes for the prevention of chemotherapy-induced neutropenia (CIN) in November. 30, 2021.
“The reorganization of BeyondSpring is a necessary step for the company to fulfill its mission of developing innovative cancer therapies and improving clinical outcomes for patients with unmet medical needs globally,” said Dr. Lan Huang, co-founder, head of BeyondSpring. managing director and president. “This reorganization will allow BeyondSpring to reduce its operating expenses and expand its cash flow track. We express our sincere gratitude to the colleagues affected by this decision and thank our team members for their contributions. “
Going forward, BeyondSpring intends to prioritize the following clinical and regulatory activities:
- Continued advancement of the regulatory process for plinabulin in CINs in China and the United States
- NDA filing and regulatory process for non-small cell lung cancer (NSCLC) in the United States and China
- Advancement of immuno-oncology (IO) trials with plinabulin in triple combination IO therapy in various cancers.
The Company remains committed to maximizing the value of the plinabulin franchise through further clinical development in areas where medical needs are not being met.
About BeyondSpring Pharmaceuticals
New York-based BeyondSpring is a global biopharmaceutical company focused on developing innovative cancer therapies to improve clinical outcomes for patients with significant unmet medical needs. BeyondSpring’s main active ingredient, plinabulin, is being developed as a ‘pipeline in a drug’ in various cancer indications as a direct anticancer agent and to prevent chemotherapy-induced neutropenia (CIN). The combination of plinabulin and G-CSF for the prevention of CIN has demonstrated positive Phase 3 data. In the DUBLIN-3 study, a worldwide, randomized, active-controlled phase 3 study, the combination of plinabulin and docetaxel achieved the primary endpoint of prolonged overall survival compared to docetaxel alone, in 2sd/ 3e NSCLC line (wild type EGFR). Additionally, plinabulin is being widely studied in combination with various immuno-oncology regimens that could increase the efficacy of PD-1 / PD-L1 antibodies in seven different cancers. In addition to plinabulin, BeyondSpring’s pipeline includes three preclinical immuno-oncology assets and a subsidiary, SEED Therapeutics, which leverages a proprietary drug discovery platform for targeted protein degradation.
Caution regarding forward-looking statements
This press release contains forward-looking statements which are not historical facts. Words such as “will”, “expect”, “anticipate”, “plan”, “believe”, “design”, “power”, “future”, “estimate”, “predict”, “goal” , “Objective,” or variations thereof and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are based on BeyondSpring’s current knowledge and its current beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements due to several factors, including, but not limited to, difficulties in increasing the expected amount required to fund the Company’s future operations. on terms acceptable to the Company, where applicable; unexpected results of clinical trials; delays or denial of the regulatory approval process; results that do not meet the Company’s expectations regarding the potential safety, ultimate efficacy or clinical utility of its product candidates; increased competition in the market; and other risks described in BeyondSpring’s most recent Form 20-F filed with the United States Securities and Exchange Commission. All forward-looking statements made here speak only as of the date of this release, and BeyondSpring assumes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.
Ashley R. Robinson
LifeSci Advisors, LLC
Darren Opland, Ph.D.