- Annual savings of $7.6 million expected over rightproduction-in-force currently ongoing
- $6.2 million in savings by allocating legacy linzagolix program agreements with Kissei Pharmaceutical Co.,Ltd., including $1.7 million from Accounts Payable assigned to this day. Further orders are expected in the coming weeks.
- company submitted to plan to regain compliance Nasdaq‘s minimum shareholders‘ Equity capital Rule. In addition, Nasdaq Notice of Violation of Nasdaq’s Minimum Bid Price Listing Rule; company Has 180 days to regain floor share price compliance requirement.
Ad hoc notification according to Article 6 Paragraph 1 Letter 53 LR of the SIX Swiss Exchange
Geneva, Switzerland – 13.092022 – ObsEva SA OBSVOBSN)), a biopharmaceutical company developing novel therapies for women’s health, today provided an update on its previously announced restructuring efforts.
“We made significant progress in transforming our operations during the third quarter with the implementation of significant cost reduction measures,” said Brian O’Callaghan, CEO of ObsEva. “These actions, along with our previously announced debt restructuring, are important steps as we focus our efforts on advancing our licensing agreements and assessing the potential for further development of Nolasiban. and we intend to further investigate the utility of Nolasiban in addressing this issue.”
Restructuring Update
- reduction in strength: The Board of Directors has approved the termination of around 70% of employees, including Katja Buhrer, Chief Strategy Officer. The Company expects to substantially complete the terminations in the fourth quarter of 2022 and to realize savings of approximately $7.6 million on an annualized basis, representing estimated cash compensation in terms of salary, bonuses and benefits for affected employees. The remaining employees will support the company’s existing license…
