Brief: Alector Says Committed To Plan To Reduce Its Workforce By About 11%

Alector

29/03/2023 22:01

March 29 (Reuters) - Alector Inc  ALEC.O :
    * ALECTOR INC - ON MARCH 28, 2023, ALECTOR, INC. COMMITTED
TO A
PLAN TO REDUCE ITS WORKFORCE BY APPROXIMATELY 11%
    * ALECTOR INC - COMPANY INITIATED A REDUCTION IN FORCE
IMPACTING
APPROXIMATELY 30 EMPLOYEES ACROSS THE ORGANIZATION EFFECTIVE
MARCH 29, 2023
    * ALECTOR- EXPECT EXISTING CASH, CASH EQUIVALENTS WILL
ENABLE IT
TO FUND ITS OPERATING EXPENSES AND CAPITAL EXPENDITURE
REQUIREMENTS THROUGH 2025
    * ALECTOR INC - ONE-TIME RESTRUCTURING CHARGES ASSOCIATED
WITH THE
REDUCTION IN FORCE ARE EXPECTED TO BE APPROXIMATELY $2.2 MILLION
    * ALECTOR- CASH PAYMENTS RELATED TO THESE EXPENSES WILL BE
PAID
OUT AND THE REDUCTION IN FORCE IS EXPECTED TO BE COMPLETED
DURING THE FIRST HALF OF 2023

Source text for Eikon:  ID: 
Further company coverage:  ALEC.O 

 ((Reuters.Briefs@thomsonreuters.com;))