Brief: Fibrogen Inc Says Approved Restructuring Plan To Lower Co’S Operating Expenses

Kyntra Bio

19/07/2023 12:15

July 19 (Reuters) - FibroGen Inc  FGEN.O :
    * FIBROGEN INC- ON JULY 14, FIBROGEN, INC. APPROVED
RESTRUCTURING
PLAN TO LOWER THE CO’S OPERATING EXPENSES
    * FIBROGEN INC- PLAN INCLUDES AN EXPECTED REDUCTION TO THE
COMPANY’S U.S. WORKFORCE OF APPROXIMATELY 32% (OR 104 EMPLOYEES)
    * FIBROGEN INC- CO ESTIMATES THAT IT WILL INCUR
NON-RECURRING
CHARGES IN THE RANGE OF $13-15 MILLION IN CONNECTION WITH THE
PLAN
    * FIBROGEN INC- ESTIMATES THAT IT WILL SAVE ABOUT $30-35
MILLION
IN ANNUAL EXPENSES ON A GO-FORWARD BASIS AS DIRECT RESULT OF
PLAN
    * FIBROGEN INC - EXPECTS THAT MAJORITY OF RESTRUCTURING
CHARGES
WILL BE INCURRED IN Q3 2023
    * FIBROGEN INC - IMPLEMENTATION OF HEADCOUNT REDUCTIONS,
INCLUDING
CASH PAYMENTS, WILL BE SUBSTANTIALLY COMPLETE BY END OF Q1 2024
    * FIBROGEN INC - EXPECTS EXISTING CASH, CASH EQUIVALENTS,
INVESTMENTS, ACCOUNTS RECEIVABLE WILL FUND OPERATING EXPENSES,
CAP EX REQUIREMENTS INTO 2026

Source text for Eikon:  ID: 
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