ObsEva shares plunge after bankruptcy filing

Obseva SA

27/07/2022 14:18

** U.S.-listed shares of Switzerland-based reproductive drug
developer ObsEva SA  OBSV.O  plunge 72.7% to 43 cents premarket
    ** Shares tumble after co says it has applied for a
court-sanctioned moratorium for bankruptcy protection, and will
initiate a restructuring plan  urn:newsml:reuters.com:*:nGNE3yn4yJ
    ** Co announces restructuring plan to raise capital after
the FDA delays decision on co's new drug application for
linzagolix, its treatment for heavy menstrual bleeding, due to
deficiencies
    ** Restructuring plan to raise potential additional capital
needed to fund the completion of the linzagolix development
program, and to support existing license agreements with Organon
and Yuyuan BioScience
    ** While a final decision on the extent of restructuring is
still pending, ObsEva will initiate a mass dismissal process
    ** More than 2.8 mln shares have changed hands premarket,
7.7 times the stock's 25-day average moving volume
    ** Up to last close, stock fell 19.1% YTD

 (Reporting by Nandhini Srinivasan in Bengaluru)
 ((Nandhini.srinivasan@thomsonreuters.com))