(Reuters) - Drug developer Sarepta Therapeutics Inc said it had not received a rescheduled date for the review of its drug for a rare muscle wasting disorder by an FDA advisory panel and would slash about 17 percent of its workforce.
The U.S. Food and Drug Administration on Jan. 20 postponed a meeting of the expert panel to review the company’s drug, eteplirsen, due to inclement weather forecast for Washington DC.
However, the company said on Tuesday it expected the meeting to be held before the May 26 deadline for review by the drug regulator.
FDA staff said in January they were unconvinced about the effectiveness of the drug, which is designed to treat a subset of patients with Duchenne muscular dystrophy (DMD).
The company said on Tuesday it would close down its Corvallis, Oregon facility and relocate some research activity and employees to its facilities in Andover and Cambridge, Massachusetts.
Sarepta said it expects to take a related charge of $1.7 million-$2.4 million.
The company had 270 employees as of Dec. 31, 2015, according to its latest annual report.
Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila