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Catabasis to cut workforce 42% in restructuring move; shares down 6% after hours

Published 04/17/2018, 04:34 PM
© Reuters.  Catabasis to cut workforce 42% in restructuring move; shares down 6% after hours
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  • Aimed at extending its cash runway as it focuses its resources on Duchenne muscular dystrophy (DMD) candidate edasalonexent, Catabasis Pharmaceuticals (NASDAQ:CATB) will restructure its operations, cutting its workforce by 42% and saving ~$3.3M in annualized personnel costs. It will record ~$1M charge this quarter related to the costs of the initiative.
  • Shares are down 6% after hours.
  • Now read: BioSci Rounds Report: Intercept Making A Comeback, Improving FDA Policy Can Help Geron


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