Scorpius Holdings Announces Implementation of New Cost Savings Measures Expected to Save Over $2 Million Annually

DURHAM, N.C., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Scorpius Holdings, Inc (NYSE American: SCPX) ("Scorpius" or the "Company"), an integrated biomanufacturing company, today announced the implementation of strategic cost-saving measures expected to save over $2 million annually.

The recently implemented measures include the divestiture of certain non-core assets and the initiation of programs designed to optimize operational efficiency across the organization. The Company expects these measures to significantly enhance its financial position and enable a sharper focus on high-margin growth areas within its sales pipeline.

"We're committed to accelerating our path to profitability and achieving positive cash flow through disciplined cost management and operational efficiency," said Jeff Wolf, CEO of Scorpius. "With these cost-saving initiatives, we're strengthening our financial foundation and positioning Scorpius to expand our robust service offerings. I am particularly encouraged by our growing sales pipeline and look forward to updating stakeholders on our continued progress in the weeks ahead."

Scorpius Holdings, Inc.

Scorpius Holdings, Inc. is an integrated contract development and manufacturing organization (CDMO) focused on ...