DURHAM, N.C. – Regado Biosciences, Inc. (RGDO) said Monday that it plans to cut its workforce by 60 percent across all operational sites – approximately 20 employees.

In September 2013, the company was forced to lay off five of its 32 full-time employees after coming up short on its IPO the month prior, according to SEC filings last year.

As a result of the workforce reduction, the company projects restructuring charges in the third and fourth quarter of 2014 of approximately $2 million in connection with one-time employee termination costs and facility shut down expenses.

Regado also said they expect the reduction in workforce, coupled with the termination of expenses associated with its REGULATE-PCI clinical trial, will decrease annualized cash expenditures significantly.

Federal regulators formally stopped all enrollment and dosing in phase 3 clinical trials blood clotting drug amid safety concerns in July.

Based on REGULATE-PCI trial closing and data analysis charges incurred to date, Regado projects a cash balance of approximately $61 million at the end of the third quarter of 2014 with final trial closing costs and ongoing operational costs impacting the projected cash balance for the end of 2014.

Regado said they will provide more details on its financial condition as part of its third quarter financial reporting.

“The termination of REGULATE-PCI led us to important business decisions,” said David J. Mazzo, Ph.D., CEO of Regado. “The workforce reduction was a necessary action to conserve working capital and provide maximum flexibility in determining the future direction of Regado.”

Going forward, Regado will focus resources on three principal activities: completion of final closure of the REGULATE-PCI trial and analysis of the unblinded database (expected in the fourth quarter of 2014), diligence activities associated with thoroughly exploring potential business alternatives and compliance activities associated with being a public company in good regulatory standing.

MTS Health Partners, L.P., and Cowen and Company, LLC, have been retained by the company to serve as strategic advisors.

Regado raised $23 million in 2007 and $20 million in 2005. The drug development firm, which is built around technology developed at Duke University, went public August 2013 at $4 per share, raising $43 million. The company’s stock has traded as high as $14.10 per share.

Shares were down more than 3 percent in early morning trading Monday.

It closed at $1.16 per share on Friday.