March 16, 2020 / 11:38 PM / 23 days ago

BRIEF-Kindred Biosciences Announces Mirataz Transaction And Reports Q4 Results

March 16 (Reuters) - Kindred Biosciences Inc:

* KINDRED BIOSCIENCES ANNOUNCES MIRATAZ® (MIRTAZAPINE TRANSDERMAL OINTMENT) TRANSACTION AND REPORTS FOURTH QUARTER AND FULL YEAR 2019 FINANCIAL RESULTS

* DEAL FOR $43 MILLION

* ENTERED INTO A TRANSACTION FOR SALE OF MIRATAZ TO DECHRA PHARMACEUTICALS PLC

* WILL SUBSTANTIALLY REDUCE COMMERCIAL FOOTPRINT

* KINDRED BIOSCIENCES - IN CONNECTION WITH STRATEGIC SHIFT, ELIMINATING ABOUT 53 POSITIONS, REPRESENTING ABOUT ONE-THIRD OF ITS CURRENT WORKFORCE

* KINDRED BIOSCIENCES - PROCEEDS FROM MIRATAZ DEAL, ALONGSIDE REDUCTION IN CO’S WORKFORCE & OPERATIONS, TO EXTEND CASH RUNWAY THROUGH 2022

* KINDRED BIOSCIENCES - WORKFORCE REDUCTION IS ANTICIPATED TO LOWER COMPENSATION AND BENEFITS COST BY APPROXIMATELY $7.1 MILLION ANNUALLY

* Q4 LOSS PER SHARE $0.40

* QTRLY NET PRODUCT REVENUES $1.4 MILLION VERSUS $1.3 MILLION

* Q4 EARNINGS PER SHARE VIEW $-0.36, REVENUE VIEW $1.3 MILLION — REFINITIV IBES DATA Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below