Brief: Obseva Announces Brian O'Callaghan Stepped Down As Chief Executive Officer Effective February 23, 2023

Obseva SA

24/02/2023 06:10

Feb 24 (Reuters) - Obseva Sa  OBSN.S :
    * OBSEVA ANNOUNCES STRATEGIC REORGANIZATION TO CONSOLIDATE
OPERATIONS IN SWITZERLAND
    * AS PART OF REORGANIZATION, CO IS DOWNSIZING ITS US-BASED
EXECUTIVE MANAGEMENT TEAM AND WILL  PROPOSE A REDUCED BOARD OF
DIRECTORS AT AGM
    * RETIRING ITS CONVERTIBLE DEBT, IS EXPECTING TO BE DELISTED
FROM
NASDAQ, AND INTENDS TO DEREGISTER FROM US SEC
    * MAINTAINING ITS CURRENT LISTING ON SIX SWISS EXCHANGE
    * INTEND TO INITIATE A PHASE 1B TRIAL FOR NOLASIBAN IN
SECOND HALF
OF 2023
    * BRIAN O'CALLAGHAN STEPPED DOWN AS CHIEF EXECUTIVE OFFICER
EFFECTIVE FEBRUARY 23, 2023
    * WILL BROWN, CURRENT CFO , APPOINTED AS INTERIM CHIEF
EXECUTIVE
OFFICER, WHILE ALSO RETAINING TITLE OF CHIEF FINANCIAL OFFICER.
    * HAS INITIATED A SEARCH FOR A PERMANENT CHIEF EXECUTIVE
OFFICER
TO BE BASED IN GENEVA, SWITZERLAND.
    * REORGANIZATION IS EXPECTED TO PROVIDE ANNUAL COMPENSATION
SAVINGS OF APPROXIMATELY $3.5 MILLION
    * HAS ALSO NEGOTIATED EARLY RETIREMENT OF $6.5 MILLION IN
DEBT
    * OBSEVA INTENDS TO MAINTAIN ITS SIX SWISS EXCHANGE LISTING
AND TO
CONTINUE TO TRADE UNDER TICKER SYMBOL OBSN.
    * OBSEVA - JGB WAIVING A $1.1 MILLION PREPAYMENT PENALTY IN
EXCHANGE FOR APPROX $566 THOUSAND IN CASH, $250,000 IN FORM OF
APPROXIMATELY 1.5 MILLION COMMON SHARES
    * INTEND TO INITIATE A PHASE 1B TRIAL FOR NOLASIBAN IN
SECOND HALF
OF 2023

Source text for Eikon:  ID:nGNE8Ccpmd 
Further company coverage:  OBSN.S 
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