Eiger BioPharmaceuticals Makes Interim CEO Permanent, It Chalks Out Portfolio Prioritization Review, Layoffs
Portfolio Pulse from Vandana Singh
Eiger BioPharmaceuticals Inc has announced a strategic shift towards advancing avexitide in hyperinsulinemic hypoglycemia indications and commercializing Zokinvy for Hutchinson-Gilford progeria syndrome. The company plans to reduce its workforce by 25% and cut spending on its hepatitis delta development program to extend its cash runway until Q4 2024. David Apelian, interim CEO since December 2022, has been appointed as the permanent CEO. Eiger is also considering strategic partnerships for its virology assets.
June 29, 2023 | 5:36 pm
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NEGATIVE IMPACT
Eiger BioPharmaceuticals' strategic shift and cost-cutting measures may extend its cash runway, but the workforce reduction could impact operations. The appointment of a permanent CEO may bring stability. The stock is currently down 4.45%.
Eiger's strategic shift towards avexitide and Zokinvy could potentially open up new revenue streams. However, the 25% workforce reduction, while extending the cash runway, could impact the company's operations and productivity in the short term. The appointment of a permanent CEO could bring stability to the company's leadership. The stock's current downward trend suggests the market may be reacting negatively to the news.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100