Reuters logo
BRIEF-Ovascience Inc to reduce its workforce by 30 pct
December 21, 2016 / 10:05 PM / a year ago

BRIEF-Ovascience Inc to reduce its workforce by 30 pct

Dec 21 (Reuters) - Ovascience Inc :

* Ovascience Inc - to continue to make augment available to patients at partner clinics in Canada and Japan and maintain its current commercial footprint

* Changes will enable company to extend its cash position into Q1 of 2019

* Improving cost structure through corporate restructuring; extending cash runway to Q1 2019

* Ovascience Inc- Michelle Dipp, executive chair will oversee operations while company conducts a comprehensive search for a new chief executive officer

* Also incur further restructuring charges related to restructuring plan

* Ovascience - will slow commercial expansion, reassess its ongoing and planned clinical studies of augment, and undertake a corporate restructuring

* Chief executive officer, Harald Stock and chief operating officer, Paul Chapman to step down to seek new opportunities

* Ovascience Inc- company will also reduce its workforce by approximately 30 percent

* Anticipates that operating cash burn will be between $45 million and $50 million in 2017, excluding one-time cash items

* Ovascience Inc - anticipates it will have sufficient funds, without additional financing, to support its revised operating plan into Q1 of 2019

* Ovascience announces business update 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