ObsEva SA (NASDAQ: OBSV), a biopharmaceutical company developing novel therapies for women’s health, today announced an update on its previously announced restructuring efforts.
Said CEO Brian O’Callaghan,“We have made meaningful progress toward restructuring our operations during the third quarter, with the implementation of significant cost cutting measures.
“These measures, along with our previously announced debt restructuring, are important steps as we focus our efforts toward advancing our license agreements and assessing the potential for further nolasiban development. There is a significant unmet need to improve outcomes in women undergoing in vitro fertilization, and we intend to further explore nolasiban’s utility in solving this problem.”
What’s more, $7.6 million annual savings expected via reduction-in-force currently underway. $6.2 million savings expected from assignment of legacy linzagolix program contracts to Kissei Pharmaceutical Co., Ltd., including $1.7 million of accounts payable assigned to date. Additional assignments are expected in the coming weeks.
Company submitted plan to regain compliance with NASDAQ’s minimum stockholders’ equity rule. Additionally, NASDAQ provides notice of noncompliance with NASDAQ’s minimum bid price listing rule; Company has 180 days to regain compliance with minimum share price requirement.
OBSV shares dipped one cent, or 5.7%, to 19 cents.
