Just three weeks out of the gate, Redwood City, CA-based Facet Biotech has announced a new restructuring plan. The PDL BioPharma spin-off says it has completed its strategic business review and it will be implementing cost-cutting measures, including cutting its workforce by 80 positions across the organization. The company also plans to consolidate operations into one of two buildings it currently leases for its headquarters and sublease the excess space.
According to SEC filings, one of those getting the axe is Jaisim Shah, the senior vice president and chief business officer. Shah joined in PDL as senior vice president of marketing and business affairs in 2000. His base salary at Facet was $325,000, but amounted to $618,390 with bonus, stocks, options and other compensation included. Shah has previous stents at Bristol-Myers Squibb and Roche under his belt.
After the cutbacks, the company expects to have $110 million on hand for 2009, assuming it advances its clinical stage products. Daclizumab (multiple sclerosis), which is in Phase II trials and volociximab (ovarian and non-small cell lung cancer), currently in phase 1/2 studies are being developed in collaboration with Biogen Idec and could mean more funds from milestone payments if all goes well in 2009. It's collaboration on elotuzumab (multiple myeloma), which is in three Phase I studies, with BMS could also garner milestone payments. And finally, there's PDL192 (various solid tumors), which is also in a phase 1 study and yet to be partnered.
- check out Facet's release
- read more about Shah's termination