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Trevena cuts one-third of its workforce after FDA decision

John George
Trevena cuts one-third of its workforce after FDA decision

One week after the Food and Drug Administration turned down the company's application for its lead new drug candidate, Trevena Inc. said it's reducing its workforce by about a third as part of a corporate restructuring. Trevena (NSADQ: TRVN) officials said the company is undertaking additional cost-saving initiatives that, in total, are expected to save it more than $3.5 million a year. "Following receipt of the Complete Response Letter for oliceridine, we must act to reduce operating costs and conserve our capital resources,” said Carrie L. Bourdow, Trevena's president and CEO, in a statement.