Benzinga | Jan 11, 2022 04:06PM EST

BeyondSpring Reports Organizational Streamlining: Will Cut US Workforce By 35%

* Resources to be Focused on Highest Value Business Activities

* 35% Reduction in Workforce in the U.S. Implemented to Preserve Long-Term Sustainability

NEW YORK, Jan. 11, 2022 (GLOBE NEWSWIRE) -- BeyondSpring Pharmaceuticals (the "Company" or "BeyondSpring") (NASDAQ:BYSI), a global pharmaceutical company focused on the development of cancer therapeutics, today announced an organizational streamlining initiative focused on prioritizing the Company's highest value business activities, extending its cash runway and preserving long-term sustainability.

As part of the reorganization, BeyondSpring is reducing its U.S. workforce by 35%, including reassignment of certain personnel to subsidiaries, which is expected to result in cost savings that will extend the cash runway. The reorganization follows BeyondSpring's receipt of a Complete Response Letter from the U.S. Food and Drug Administration for the New Drug Application (NDA) seeking approval of plinabulin in combination with granulocyte colony-stimulating factor for the prevention of chemotherapy-induced neutropenia (CIN) on November 30, 2021.

"The reorganization of BeyondSpring is a necessary step forward for the Company to deliver on its mission to develop innovative cancer therapies and improve clinical outcomes for patients who have high unmet medical needs globally," said Dr. Lan Huang, BeyondSpring's co-founder, chief executive officer and chairwoman. "This reorganization will enable BeyondSpring to reduce operating expenses and extend its cash runway. We express sincere appreciation to colleagues impacted 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 of plinabulin in CIN in China and the U.S.

* NDA filing and regulatory process of non-small cell lung cancer (NSCLC) in the U.S. and China

* Advancement of immune-oncology (IO) trials with plinabulin in triple combination IO therapy in various cancers.

The Company remains committed to optimizing the value of the plinabulin franchise through further clinical development in areas of unmet medical need.