Brief: Crescita Therapeutics provides update on immunology group wind-down

Crescita Therapeutics

12/07/2016 12:30

July 12 (Reuters) - Crescita Therapeutics  CTX.TO  
    * Provides an update on its immunology group wind down 
    * Effective July 11, 2016, company sold its manufacturing 
facility based in Germany that produces active ingredient in 
WF10 AND Oxoferin 
    * Says divestiture is part of company's plan to reduce its 
cash burn 
    * Says will no longer be funding ongoing operating losses of 
immunology group 
    * Says will realize a significant monthly cost savings 
    * There will be additional future savings as company 
completes its planned wind-down of immunology group operations 
    * Says is also continuing orderly closure of its Leipzig 
office which it expects to complete in Q3 of 2016 
    * When restructuring is complete later in 2016, company 
expects to have a reduced cash burn, significant cash and no 
debt. 
 
Source text for Eikon:  ID:nCNWXWTtWa  
Further company coverage:  CTX.TO  
 
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