{"id":37269,"date":"2016-01-01T07:49:08","date_gmt":"2016-01-01T12:49:08","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=37269"},"modified":"2016-01-01T07:49:08","modified_gmt":"2016-01-01T12:49:08","slug":"synta-pharmaceuticals-corp-nasdaqsnta-reported-financial-results-for-3q2015-cut-down-work-force-by-60","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/synta-pharmaceuticals-corp-nasdaqsnta-reported-financial-results-for-3q2015-cut-down-work-force-by-60-37269","title":{"rendered":"Synta Pharmaceuticals Corp. (NASDAQ:SNTA) Reported Financial Results For 3Q2015, Cut Down Work Force By 60%"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Synta Pharmaceuticals Corp. (NASDAQ:SNTA)<\/strong> announced financial results for the recently concluded 3Q2015. As per the <a href=\"http:\/\/phx.corporate-ir.net\/phoenix.zhtml?c=147988&amp;p=irol-newsArticle&amp;ID=2107774\">reports<\/a>, the biggest highlight was its announcement to fire almost 60% of its full-time employees due to revenue pressure.<\/p>\n<p style=\"text-align: justify;\"><strong>Insights of The Matter <\/strong><\/p>\n<p style=\"text-align: justify;\">Going forward, not more than 33 full-time employees will work for Synta Pharmaceuticals. As a result of this restructuring, Synta Pharmaceuticals will manage to save about $8 million compensation related cost. Cash payments related to workforce reduction, benefits continuation costs, unused vacation payments and outplacement services, etc. will revolve in a range of $2.5 million to $2.6 million.<\/p>\n<p style=\"text-align: justify;\">When it comes to financial performance, Synta couldn&#8217;t generate any revenues in the third quarter. R&amp;D expenses for the three-month period were $14.4 million as compared to $16.2 million that it incurred during the same period in the last year. General and Administrative expenses for the quarter were $3 million compared to last year&#8217;s $3.2 million.<\/p>\n<p style=\"text-align: justify;\">Despite continuous hard work, Synta reported the net loss of $0.13 per share or $17.6 million in total as compared to net loss of $0.19 per share or $20 million during the same period in the previous year. It had filed Form 10-Q recently, which could be referred as to get detailed information about revenues, income and expenses incurred during the 3Q2015.<\/p>\n<p style=\"text-align: justify;\">The senior management team of the Synta Pharmaceuticals was confident that the company would improve its performance in the coming quarters. According to Chen Schor, CEO, Synta Pharmaceuticals Corp. (NASDAQ:SNTA), the company has taken many innovative steps lately, including Phase 3 GALAXY-2 trial of the ganetespib the case of lung cancer. The outcome of these trials is promising and good enough for the R&amp;D team to pursue the same path.<\/p>\n<p style=\"text-align: justify;\">Going forward, it will make necessary changes in corporate and operational strategy to attain a profitable position as soon as possible, details of which will be announced from time to time.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Synta Pharmaceuticals Corp. (NASDAQ:SNTA) announced financial results for the recently concluded 3Q2015. As per the reports, the biggest highlight was its announcement to fire almost [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":27977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[264],"tags":[11305,3324,3325,3323],"stock_ticker":[],"class_list":["post-37269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-health","tag-chen-schor","tag-nasdaqsnta","tag-synta-pharmaceuticals-corp","tag-synta-pharmaceuticals-corp-nasdaqsnta","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Synta Pharmaceuticals Corp. 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