Calithera slumps as board approves company liquidation and dissolution

Calithera Biosciences

09/01/2023 14:50

** Drug developer Calithera Biosciences Inc's shares
 CALA.O  fall ~79% to $0.76
    ** Calithera board of directors approved company dissolution
and liquidation of its assets, following an orderly wind down of
the company's operations, CALA reports in a regulatory filing
 urn:newsml:reuters.com:*:nGNX3DSL2k
    ** In order to reduce costs and in connection with the
planned dissolution, co to discontinue all clinical development
programs and reduce its workforce, including the termination of
most employees by the end of the Q1
    ** Co also reports it will incur charges of about $8 mln in
connection with the reduction in force
    ** In 2022, CALA stock lost 75.5% 
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))