Brief: Santhera To Cut Jobs By 50%, Secures Financing For Vamorolone

Santhera Pharmaceuticals Holding AG

02/11/2020 06:02

Nov 2 (Reuters) - SANTHERA PHARMACEUTICALS HOLDING AG
 SANN.S :
    * SANTHERA IMPLEMENTS REORGANIZATION AND SECURES FINANCING
TO
ADVANCE VAMOROLONE TO PIVOTAL READ-OUT IN DUCHENNE MUSCULAR
DYSTROPHY
    * ORGANIZATIONAL RESTRUCTURING TO REDUCE WORKFORCE BY 50%;
ANNUALIZED COST REDUCTIONS OF CHF 10 MILLION
    * PIVOTAL READOUT FOR VAMOROLONE IN DUCHENNE MUSCULAR
DYSTROPHY
(DMD) EXPECTED IN Q2 OF 2021
    * SANTHERA CURRENTLY ANTICIPATES TO BE FIRST TO MARKET WITH
A
DISSOCIATIVE STEROID IN US IN 2022.
    * IS REDUCING ITS WORKFORCE BY MORE THAN 50 POSITIONS TO 47
FULL-TIME EQUIVALENT (FTE) EMPLOYEES
    * RESTRUCTURING WILL RESULT IN ONE-TIME COSTS OF
APPROXIMATELY CHF
3 MILLION AGAINST RECURRING ANNUAL COST REDUCTIONS OF CHF 10
MILLION
    * COMPANY WILL INCUR A ONE-TIME NON-CASH EXPENSE OF CHF 9
MILLION
RESULTING FROM AN IMPAIRMENT OF INVENTORY AND OTHER ASSETS
RELATED TO PULDYSA AS WELL AS REDUCTION IN INFRASTRUCTURE USE
ARISING FROM ORGANIZATIONAL RESTRUCTURING

Source text for Eikon:  ID:nGNE66c6Rj 
Further company coverage:  SANN.S 

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