Specialty drugmaker Sonoma Pharmaceuticals will reduce its workforce in an effort to slow "cash burn."
The company did not disclose the number of employees it would lay off, but said its cost reduction efforts would primarily target its manufacturing workforce and attempt to shed consulting and manufacturing expenses.
The cost-cutting measures come after the company completed an extensive evaluation of its processes and financials.
"This process takes time and can be painful, and we recognize that personnel reductions are difficult for our employees, their families and the community. We value the dedicated team at Sonoma for working hard towards this goal," said Bubba Sandford, Sonoma's CEO.