AVEO Oncology (NASDAQ:AVEO) will have to plow forward with far less manpower. It announced it will reduce its headcount by around 140 people, or roughly 62% of its current workforce, across the company. The cuts are part of a strategic restructuring initiative aimed at improving the firm's viability in the immediate future.
According to AVEO, the job cuts combined with other restructuring measures will reduce costs over the next two years by approximately $190 million more than previously projected. This will allow it to maintain the funding levels it needs for its operations over that span of time.
Fool contributor Eric Volkman has no position in AVEO Oncology, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.