Palau Pharma presents redundancy plan
This measure aims to fit the biotech company’s size to its current needs.
Biotech company Palau Pharma has presented a redundancy plan for 53 workers, according to a press release. Palau Pharma, which was founded in 2006 and has its headquarters in Palau-Solità i Plegamans (Barcelona), argues that this measure responds to their aim to fit the company’s size to its current needs.
The company has initiated negotiations with employee representatives and hopes to reach an agreement that is “as satisfactory as possible for both parties,” they explained in a press release. Details of the agreement will be made public in the near future, once they have been settled.
Now the company is considering the possibility of selling shares on the Alternative Stock Market (MAB) to raise capital. The guarantee they offer is a pipeline of ten projects in different stages of development to treat diseases like osteoarthritis, fungal infections, depression and asthma, among others. CEO Ignasi Faus explained in an interview published by Biocat that “it will take two or three more years for our products to reach the market and for the company to start generating profit”.
At the beginning of September, Palau Pharma announced that they had regained the license for their most important anti-inflammatory drug, UR-13870 (in Phase I), which it had licensed to multinational Schering-Plough.