Brief: Sienna Biopharmaceuticals Says Implemented Corporate Restructuring To Focus Co's Resources On SNA-120

Sienna Biopharmaceuticals

02/01/2019 23:04

Jan 2 (Reuters) - Sienna Biopharmaceuticals Inc  SNNA.O :
    * SIENNA BIOPHARMACEUTICALS - ON JAN 2, IMPLEMENTED
CORPORATE
RESTRUCTURING TO FOCUS CO'S RESOURCES ON LEAD PRODUCT CANDIDATE,
SNA-120 - SEC FILING
    * SIENNA BIOPHARMACEUTICALS - CORPORATE RESTRUCTURING
RESULTED IN
REDUCTION IN FORCE TO REDUCE OPERATIONAL COSTS AND PRESERVE
CAPITAL
    * SIENNA BIOPHARMACEUTICALS - RESTRUCTURING WILL RESULT IN
ELIMINATION OF 20 POSITIONS, OR ABOUT 34% OF CO'S WORKFORCE
    * SIENNA BIOPHARMACEUTICALS - RESTRUCTURING IS EXPECTED TO
BE
SUBSTANTIALLY COMPLETE BY END OF Q1 OF 2019
    * SIENNA BIOPHARMACEUTICALS - CO'S RESEARCH TEAM BASED IN
IVREA,
ITALY IS NOT AFFECTED BY RESTRUCTURING
    * SIENNA BIOPHARMACEUTICALS - ESTIMATES WILL INCUR ONE-TIME
EMPLOYEE BENEFITS & SEVERANCE CHARGE OF ABOUT $0.8 MILLION IN Q1
2019 RELATED TO  RESTRUCTURING
    * SIENNA BIOPHARMACEUTICALS - RESTRUCTURING IS EXPECTED TO
REDUCE
PLANNED OPERATING EXPENSES BY ABOUT 50%, EXCLUDING ONE-TIME
CHARGES

Source text for Eikon: http://bit.ly/2CL9I41
Further company coverage:  SNNA.O 

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