Regado Biosciences (Nasdaq: RGDO) went public just a month ago, raising $43 million. On Thursday, it laid off five of 32 full-time employees.
The drug development firm, which is built around technology developed at Duke University, is cutting jobs to save cash, it said in an SEC filing.
Most of the jobs are at its lab in Durham, the company said.
The move is expected to cost the company $254,225 in severance and other benefits. It expects to say $625,000 a year with the move.
“The goal of the Company’s reduction in workforce is to enable the Company to focus its management and financial resources on advancing its lead product candidate, REG1, in its single, open-label, 13,200 subject Phase 3 trial of REG1, or the REGULATE-PCI trial, for use in patients with a variety of cardiovascular conditions undergoing percutaneous coronary intervention, or PCI, procedures,” the company said.
REG1 isa compound the company is developing to control blood clotting during coronary procedures.
