Theravance plunges on blood pressure drug failure, headcount reduction

Theravance Biopharma

15/09/2021 12:19

** Shares of drug developer  TBPH.O  drop 34.1% to $5.30
premarket- among top pct losers across U.S. exchanges and set to
open at a record low
    ** TBPH says a late-stage study of its drug candidate,
ampreloxetine, did not meet the main goal of improving symptoms
of neurogenic orthostatic hypotension (nOH)- a type of low blood
pressure  urn:newsml:reuters.com:*:nPn2j0zXja
    ** Separately, co also says it will halt the development of
all non-respiratory disease related programs and will close out
a mid-stage study testing another candidate, izencitinib, for
Crohn's disease and another late-stage study of ampreloxetine
 urn:newsml:reuters.com:*:nPn45bmvxa
    ** Co also says it is reducing its headcount by 75%, or an
estimated 270 positions, with a large part of the reduction
completed in November
    ** Co estimates total operating expense savings of about
$165 mln in 2022 and hopes to be sustainably cash flow positive
starting H2 of that year
    ** As of Dec. 31, co had 359 employees, according to a
regulatory filing
    ** TBPH down 54.8% YTD, up to the last close

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))