Yumanity falls on restructuring plans, workforce cut

Kineta

17/02/2022 17:35

** Shares of drug developer  YMTX.O  fall 10.7% to $1.58 
    ** Co says it is exploring strategic alternatives, including
an acquisition, merger and sale of assets  urn:newsml:reuters.com:*:nGNX9Sscxb
    ** Says its board has approved a strategic restructuring,
including a reduction of about 60% of its workforce, to be
completed by April
    ** Co says workforce reduction and other actions are
intended to reduce cash burn, while it explores strategic
alternatives
    ** Co expects to incur a non-recurring charge of about $0.4
million in Q1 2022 related to restructuring
    ** As of Dec. 31, 2020, co had 44 full-time employees and
two part-time employees, according to its SEC filing 
    ** On Jan. 19, stock fell 16% after U.S. FDA placed partial
clinical hold on certain U.S. trials of its Parkinson's disease
therapy  urn:newsml:reuters.com:*:nL4N2TZ2V7
    ** Stock had fallen 40.2% YTD, up to the last close

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))