Brief: Evofem Biosciences Inc To Reduce Its Current Workforce Resulting In An Overall 39% Reduction Of Payroll Expenses

Evofem Biosciences

21/03/2023 10:08

March 21 (Reuters) - Evofem Biosciences Inc  EVFM.PK :
    * EVOFEM BIOSCIENCES INC - WILL REDUCE ITS CURRENT WORKFORCE
RESULTING IN AN OVERALL 39% REDUCTION OF PAYROLL EXPENSES
    * EVOFEM BIOSCIENCES INC - TO REDUCE CHIEF EXECUTIVE
OFFICER'S
SALARY BY 40%
    * EVOFEM BIOSCIENCES INC - ESTIMATES THAT IT WILL INCUR
AGGREGATE
PRE-TAX CHARGES OF ABOUT $0.1 MILLION IN CONNECTION WITH
REDUCTION IN FORCE
    * EVOFEM BIOSCIENCES - REDUCTION OF EXPENSES TO INCLUDE
ELIMINATION OF 8 OFFICE, MANAGEMENT POSITIONS INCLUDING CHIEF
COMMERCIAL OFFICER ROLE
    * EVOFEM BIOSCIENCES INC - EXPECTS THAT REDUCTION IN FORCE
WILL BE
COMPLETE BY END OF Q2 OF 2023
    * EVOFEM BIOSCIENCES INC - ONE-TIME CHARGES WILL BE INCURRED
IN Q1
OF 2023
    * EVOFEM BIOSCIENCES INC - EXPECTS ANNUALIZED FUTURE COST
SAVINGS
FROM REDUCTION IN FORCE TO BE ABOUT $4.3 MILLION, INTENDS TO USE
TO SUPPORT OPERATIONS

Source: [ID: https://bit.ly/3Jz7O7A]
Further company coverage:  EVFM.PK 

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