Brief: Quince Therapeutics Approved Cost Reduction Program

IRulya Therapeutics

30/01/2023 21:39

Jan 30 (Reuters) - Quince Therapeutics Inc  QNCX.O :
    * QUINCE THERAPEUTICS - ON JANUARY 24, BOARD OF COMPANY
APPROVED
COST REDUCTION PROGRAM TO ALIGN OPERATIONS WITH CHANGES IN
CORPORATE STRATEGY
    * QUINCE THERAPEUTICS - UNDER PLAN, COMPANY IS REDUCING
HEADCOUNT
BY APPROXIMATELY 47% THROUGH A REDUCTION IN ITS WORKFORCE
    * QUINCE THERAPEUTICS - REDUCTION IN FORCE WILL BEGIN IN
FEBRUARY
2023 AND WILL BE COMPLETED BY APRIL 2023
    * QUINCE THERAPEUTICS - AS A RESULT, EXPECTS TO REALIZE
ESTIMATED
ANNUALIZED OPERATING EXPENSE SAVINGS OF ABOUT $9.5 MILLION IN
YEAR ENDING DEC 31, 2023
    * QUINCE THERAPEUTICS - REDUCTION IN FORCE WILL BEGIN IN
FEBRUARY
2023 AND WILL BE COMPLETED BY APRIL 2023
    * QUINCE THERAPEUTICS - EXPECTS TO REALIZE ESTIMATED
ANNUALIZED
OPERATING EXPENSE SAVINGS OF APPROXIMATELY $9.5 MILLION IN YEAR
ENDING DECEMBER 31, 2023
    * QUINCE THERAPEUTICS - IN CONNECTION WITH PLAN, COMPANY
ESTIMATES
THAT IT WILL INCUR EXPENSES OF APPROXIMATELY $0.6 MILLION TO
$0.8 MILLION

Further company coverage:  QNCX.O 
 ((Reuters.Briefs@thomsonreuters.com;))