Brief: Cyclerion Therapeutics Inc Says On Oct. 29, Board Approved Reduction Of Company's Current Workforce By Approximately Thirty Full-Time Employees

Korsana Biosciences

30/10/2019 13:35

Oct 30 (Reuters) - Cyclerion Therapeutics Inc  CYCN.O :
    * CYCLERION THERAPEUTICS INC - ON OCT. 29, BOARD APPROVED
REDUCTION OF COMPANY'S CURRENT WORKFORCE BY APPROXIMATELY THIRTY
FULL-TIME EMPLOYEES
    * CYCLERION THERAPEUTICS SAYS COMPANY EXPECTS THAT WORKFORCE
REDUCTION WILL TAKE PLACE PRIMARILY DURING Q4 OF 2019 - SEC
FILING
    * CYCLERION THERAPEUTICS - ESTIMATES IT WILL INCUR CHARGES
IN
CONNECTION WITH WORKFORCE REDUCTION OF ABOUT $3 MILLION FOR
ONE-TIME EMPLOYEE SEVERANCE, BENIFIT COSTS
    * CYCLERION THERAPEUTICS INC -  EXPECTS TO REDUCE CASH
OPERATING
EXPENSES BY ABOUT $7 TO $8 MILLION DURING FISCAL YEAR ENDING DEC
31, 2020

Source text: (https://bit.ly/33bLwSU)
Further company coverage:  CYCN.O 

 ((Reuters.Briefs@thomsonreuters.com;))