The biotechnology company — which makes cancer and pain-management therapies — has not reached profitability and its new management is taking actions to reserve cash
The local company is among a recent trend of layoffs in the biotech industry as they face market challenges.
The company’s chairman and CEO of nearly 10 years, Barry Quart, was replaced in April. The roles of chairman and CEO were separated, and the number of board members was reduced. Other positions in the C-suite were also changed including the chief commercial officer, chief development officer, chief financial officer as well as vice president positions.
Most recently, Heron rolled out its newest commercial drug Aponvie, which is a novel IV alternative to pills for post-operation nausea relief. The FDA approved Aponvie in September and it became commercially available in March.The company reported in its 2022 annual financial filing that it has “incurred significant operating losses and negative cash flows from operations.”
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