Ardsley, New York-based Acorda Therapeutics, a biotechnology company offering neurological therapies, has used their third-quarter earnings report to announce a major restructuring that begins with a 25% reduction in its workforce or approximately 120 employees. Layoffs will commence immediately and be completed by the first quarter of 2020. The company continues to struggle financially with a severe decline in share prices. It is unknown what might happen if the company’s primary lenders cannot reach an agreement to refinance outstanding balances coming due in the short-term.
According to the company’s President and CEO, Dr. Ron Cohen, “This restructuring, although difficult, will enable Acorda to focus its resources on ensuring the success of INBRIJA, and will provide flexibility for the Company to address its capital structure. INBRIJA is an important medication for people with Parkinson’s who suffer from OFF periods, thanks to the extraordinary work of Acorda’s associates in developing and making it available. We are saddened that a number of them will be leaving the company, and grateful for their commitment and many contributions.”
The company appears to be poised for an acquisition which would add to the uncertainty of the employment situation.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?