Aptinyx falls on restructuring plan; reports 60% workforce reduction

Aptinyx

01/03/2023 16:58

** Shares of drug developer Aptinyx Inc  APTX.O  fall 11.22%
to 17 cents
    ** APTX in a regulatory filing reports its board of
directors approved a restructuring plan to reduce its workforce
by approximately 60%, to be substantially completed by March 3,
2023
    ** The decision comes as co plans to reduce operating costs
and better align its workforce with the needs of its business 
    ** While APTX has not disclosed the number of employees to
be affected by the decision or its total workforce count, as of
March 15, 2022, it had 40 full-time employees and no part-time
employees, according to a regulatory filing
    ** APTX expects to incur estimated severance and related
costs of about $1.4 mln, which will be recorded primarily in the
Q1 of 2023
    ** Late Monday, co also reported its dementia drug, 
NYX-458, failing mid-stage study, following which, undertaking
cost-saving measures, its also terminated ongoing mid-stage
trial of another drug for post-traumatic stress disorder 
    ** In 2022, co's stock fell 89.3%

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))