08:28 AM EDT, 06/13/2024 (MT Newswires) -- Valeo Pharma ( VPHIF ) , which surged over 22% in Canada yesterday, said on Thursday that it is restructuring its commercial field operations to improve margins, cut operating expenses, align its commercial infrastructure with current market dynamics and accelerate its path to profitability.

The Canadian pharmaceutical company expects these cost reduction measures, including a reduction of about 20% in the workforce, to lower its operating expenses by more than $5 million on an annualized basis.

With the previously implemented cost-cutting efforts announced in November 2023, the total annualized costs savings from all measures will surpass $7 million.