Kaleido Biosciences drops on workforce, manufacturing cuts to conserve cash
31/10/2019 16:44
** Drug developer's shares KLDO.O fall 15% to $5.61,
trading among top pct losers across all indexes
** Set for worst day since it started trading earlier this
year
** KLDO said on Wednesday after the bell it will reduce its
headcount by about 25% to extend its cash runway; co had cash
and cash equivalents of $81.3 mln as of Sept 30
** Co also undertaking measures to decrease manufacturing
and other external costs urn:newsml:reuters.com:*:nGNX9pbgnm
** Co said in a regulatory filing it had entered into a
credit agreement with JP Morgan Chase Bank to borrow $15 mln
** The new agreement replaces previous credit facility
agreement with Pacific Western Bank, the co said
** Co also reported a narrow third-quarter loss per share of
74 cents vs 89 cents- Refinitiv IBES
** Up to Wednesday's close, stock fell 53.5% since its debut
in Feb.
(Reporting by Trisha Roy in Bengaluru)
((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780,
outside U.S. +91 80 6749 7786;))