Oct 9 NuPathe Inc said it would cut
half of its workforce to reduce costs and focus on the
regulatory approval of its experimental migraine patch.
The company said it will reduce expenses related to the
marketing of the pain patch and on earlier-stage drug
NuPathe has 37 employees, according to Thomson Reuters data.
It also plans to delay the application for its experimental
treatment for schizophrenia and bipolar disorder until it finds
NuPathe is trying to raise about $28 million in a proposed
financing and expects the cost cut initiatives, along with the
proceeds, to be sufficient to fund operations into the fourth
quarter of 2013.
The company, which has a market capitalization of about $55
million, had cash and cash equivalents of $7.5 million as of
In July, the U.S. Food and Drug Administration accepted a
resubmission of the company's approval application for the
migraine patch, called NP101.
NuPathe shares closed at $3.71 on Monday on the Nasdaq.