Orphazyme falls on plan to restructure and cut jobs

Strategic Partners A/S

10/03/2022 21:29

** U.S.-listed shares in Denmark-based biotech co Orphazyme
 ORPH.O  fall ~15% to $1.07 in extended trading
    ** Co says its board has decided to file a petition for an
in-court restructuring (https://refini.tv/36bYfvz)
    ** As part of restructuring, ORPH will institute a reduction
of approximately 50% of current global workforce
    ** Aim of restructuring is to explore whether a basis can be
established which allows for all or part of co's operations to
continue - ORPH
    ** Co also intends to delist American Depositary Shares from
Nasdaq 
    ** "Following the very disappointing outcomes from the
regulatory authorities in U.S. and EU, we are forced to consider
some extremely difficult choices" - CEO
    ** Orphazyme recently closed its commercial operations in
Germany, the UK, and the US. Specifically in Denmark
    

 (Reporting by Mrinalika Roy in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 806749 8325;))