SciClone will cut 7 jobs in restructuring after canceling cancer drug trial

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SciClone to restructure, trim about 7 US jobs

FOSTER CITY, Calif. — SciClone Pharmaceuticals Inc. on Wednesday said it will cut 17 percent of its U.S. work force — or about 7 jobs — as part of a corporate restructuring.

The restructuring comes after the company stopped a trial of a late-stage pancreatic cancer drug candidate earlier this month. The company said at the time a data safety monitoring committee recommended the trial of RP101 be stopped.

The move will result in a one-time charge of about $300,000, which includes severance and other expenses. The company said it expects to complete the restructuring in the current quarter.

As of Dec. 31, 2008, the company had 227 employees, according to its annual report. About 40 of those workers are based in the U.S., a spokeswoman said. A 17 percent cut of from U.S. workers translates to seven jobs. No job cuts are planned for its international workers, the spokeswoman said.

SciClone shares fell 15 cents, or 6 percent, to $2.37 in afternoon trading. The stock has traded between 63 cents and $5.33 in the past 52 weeks.