Brief: Neubase Therapeutics Announces Workforce Reductions Of About 60%

NeuBase Therapeutics

14/10/2022 21:22

Oct 14 (Reuters) - NeuBase Therapeutics Inc  NBSE.O :
    * NEUBASE THERAPEUTICS ANNOUNCES STRATEGIC RESTRUCTURING
FOCUSED
ON ADVANCING ITS PLATFORM IN GENE EDITING
    * NEUBASE THERAPEUTICS INC - WORKFORCE REDUCTIONS OF ABOUT
60%
    * NEUBASE THERAPEUTICS INC - IMPLEMENTATION OF A ROBUST COST
REDUCTION PLAN ARE EXPECTED TO EXTEND COMPANY'S CASH RUNWAY INTO
Q2 CY2024
    * NEUBASE - PLANS TO MAXIMIZE SHAREHOLDER VALUE BY FOCUSING
RESEARCH AND DEVELOPMENT RESOURCES ON ADVANCEMENT OF
DIFFERENTIATED GENE EDITING CAPABILITIES OF CO'S PLATFORM
    * NEUBASE THERAPEUTICS INC - DOV A. GOLDSTEIN APPOINTED
CHAIRPERSON OF COMPANY'S BOARD OF DIRECTORS EFFECTIVE OCTOBER
14, 2022
    * NEUBASE THERAPEUTICS - CO TO REDUCE ACTIVITIES AND PURSUE
PARTNERSHIPS FOR MYOTONIC DM1, HD, AND KRAS (G12D & G12V)
PROGRAMS
    * NEUBASE THERAPEUTICS INC - DIETRICH A. STEPHAN, FOUNDER
AND
CHIEF EXECUTIVE OFFICER OF NEUBASE, TO CONTINUE ON BOARD AS A
DIRECTOR
    * NEUBASE THERAPEUTICS INC - RESTRUCTURING PLAN IS EXPECTED
TO
EXTEND CO'S CASH RUNWAY INTO Q2 OF 2024 BASED ON CURRENT
OPERATING PLANS AND ESTIMATES
    * NEUBASE THERAPEUTICS INC - COMPANY ESTIMATES THAT IT WILL
INCUR
TOTAL EXPENSES RELATING TO RESTRUCTURING OF APPROXIMATELY $0.5
MILLION

Source text for Eikon:  ID:nGNX1s3zNJ 
Further company coverage:  NBSE.O 
 ((Reuters.Briefs@thomsonreuters.com;))