Exelixis cuts 10% of staff
This article was originally published in Scrip
Executive Summary
Exelixis is making 78 employees redundant, 10% of its workforce, to bring its net cash burn in line with its cash position. The company said at its third-quarter results presentation that it would consider job cuts as part of a strategy to make it independent of capital markets for an extended period (Scrip Online, October 29th, 2008). The job losses are part of a restructuring plan for which Exelixis will record a $3.3 million charge in the fourth quarter.