Brief: Axcella Announces Program Reprioritization And Corporate Restructuring

Axcella Health

15/12/2022 01:07

Dec 14 (Reuters) - Axcella Health Inc  AXLA.O :
    * AXCELLA ANNOUNCES PROGRAM REPRIORITIZATION AND CORPORATE
RESTRUCTURING
    * COMPANY HAS INITIATED A PROCESS TO EXPLORE A RANGE OF
STRATEGIC
ALTERNATIVES
    * REALIGNING ORGANIZATION TO CORRESPOND TO THIS SHIFT IN
STRATEGY,
REPRIORITIZATION OF ITS PROGRAMS, REDUCING ITS WORKFORCE BY 85%
    * AMONG DEPARTING EMPLOYEES ARE BOB CRANE, CHIEF FINANCIAL
OFFICER, AND VIRGINIA DEAN, CHIEF PEOPLE OFFICER
    * AXCELLA HEALTH - WILL DISCONTINUE ONGOING PHASE 2B
CLINICAL
TRIAL OF AXA1125 IN NASH, WHILE KEEPING OPTION TO REVISIT THE
PROGRAM SHOULD RESOURCE AVAILABILITY CHANGE
    * REACHED AN AGREEMENT WITH SLR INVESTMENT CORP TO PAYDOWN
DEBT
OBLIGATIONS OF PREVIOUS AGREEMENT
    * NO ASSURANCES CAN BE MADE AS TO WHETHER A STRATEGIC
TRANSACTION
WILL BE RECOMMENDED BY BOARD OF DIRECTORS

Source text for Eikon:  ID:nBw28ckvpa 
Further company coverage:  AXLA.O 
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