Societal CDMO announced a strategic restructuring plan. Following the completion of a comprehensive review of its operations, Societal has reduced its workforce by 26 positions, or 9%, across all aspects of the business, effective September 20. It also has eliminated nine open positions. These moves are expected to result in annualized savings of approximately $5.5M. A significant majority of the cuts will impact the portion of the business supporting earlier-stage services, which are most acutely affected by the current financing environment. To further support this organizational realignment, Societal has appointed Wayne Weisman, the current chairman, as executive chairman of the board of directors.
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