BeyondSpring Announces Organizational Streamlining | 2022-01-11 | Press Releases
- Resources to focus on higher value business activities
- 35% reduction in the workforce in the United StatesImplemented to preserve long-term sustainability
NEW YORK, Jan. 11, 2022 (GLOBE NEWSWIRE) — BeyondSpring Pharmaceuticals (the &CloseCurlyDoubleQuote Company; or “BeyondSpring”) (NASDAQ: BYSI), a global pharmaceutical company focused on developing cancer treatments, today announced an organizational streamlining initiative focused on prioritizing the company’s highest value-added business activities, extending its cash trail and preserving long-term sustainability.
As part of the reorganization, BeyondSpring is reducing its U.S. workforce by 35%, including the reassignment of some staff to subsidiaries, which should result in cost savings that will extend the cash trail. The reorganization follows BeyondSpring’s receipt of a complete response letter from the U.S. Food and Drug Administration’s New Drug Application (NDA) requesting approval of plinabulin in combination with granulocyte colonies for the prevention of chemotherapy-induced neutropenia (CIN) on November 30, 2021.
“BeyondSpring’s reorganization is a necessary step for the company to fulfill its mission to develop innovative cancer therapies and improve clinical outcomes for patients who have high unmet medical needs around the world,” said said Dr. Lan Huang, co-founder, CEO and president of BeyondSpring. “This reorganization will allow BeyondSpring to reduce its operating expenses and expand its cash flow. 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 Plinabulin Regulatory Process in CINs in China and the United States
- Non-Small Cell Lung Cancer (NSCLC) NDA Filing and Regulatory Process in the United States and China
- Advancement of immuno-oncology (IO) trials with plinabulin as triple combined IO therapy in various cancers.
The Company remains committed to maximizing the value of the plinabulin franchise by pursuing clinical development in areas of unmet medical need.
About BeyondSpring Pharmaceuticals
Based in New York, BeyondSpring is a global biopharmaceutical company focused on developing innovative cancer therapies to improve clinical outcomes for patients with unmet medical needs. BeyondSpring’s lead asset, plinabulin, is being developed as a “pipeline-in-drug” in various cancer indications as a direct anticancer agent and to prevent chemotherapy-induced neutropenia (CIN). The combination plinabulin and G-CSF for the prevention of CIN demonstrated positive Phase 3 data. main evaluation consisting in prolonging overall survival compared to docetaxel alone, in 2n/a/3rd NSCLC line (EGFR wild type). Additionally, plinabulin is widely studied in combination with various immuno-oncology regimens that may enhance 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 operates a proprietary targeted protein degradation drug discovery platform.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements that are not historical facts. Words such as “will,” “expect,” “anticipate,” “plan,” “believe,” “design,” “may,” “future,” “estimate,” “predict,” “goal,” “objective,” or variations thereof and variations of such similar words and phrases are intended to identify such forward-looking statements. Forward-looking statements are based on BeyondSpring’s current knowledge and 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 a number of factors, including, but not limited to, difficulties in raising the anticipated amount required to fund the Company’s future operations. on terms acceptable to the Company, if any; unexpected results of clinical trials; delays or denials in 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 market competition; and other risks described in BeyondSpring’s most recent Form 20-F filed with the United States Securities and Exchange Commission. Any forward-looking statements made herein speak only as of the date of this release, and BeyondSpring undertakes 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.