Layoffs this week for about 15% of their employees. Poor decisions made by executive team since Torley took over - choosing a right hand man with zero experience in clinical development. Instead of supporting current employees, he (right hand man) chose to work with a grossly overpriced (and superbly incompetent) CRO that is bleeding the company dry. Execs also thought it was important to build a global marketing team ($$$) for a drug that they don't even know works.
Torley was very cold on the call. No emotion. Said running out of money and diabetes team had to go. But left the biggest loser of all in place, DM. He's the one who ruined the entire program. Spent money without knowing what he was doing. Going with PEG now? Same loser running it in medical. Med school in Mexico, SD being paid by company to get his MBA. Knows zero about moving compound through staged trials, into commercialization. Non oncologist. Can't get over how cold our CEO was today. She needs to fire the field sales team since they bring nothing to the company. I'm sure more layoffs coming. Wonder when we will close the doors?
This makes absolutely no sense. What do you mean "running out of money?" We have over 130 million as of last quarter including proceeds of over 100 million from the Feb stock offering. "Close the doors?" Are you a moron? Do you even work for this company?
Were you not in the meeting? She said we would run out of cash if we kept diabetes study and program going. You didn't listen. "Now is a good time to lay off people, so we don't have to pay out bonuses"?????
Make sure you negotiate your severance if you decide to join this company. They gave half months salary for every yr they'd been there
