OvaScience nose dives, as CEO and CFO departures and staff cuts announced

22 December 2016
ovascience-large

US fertility treatment specialist OvaScience (Nasdaq: OVAS) lost nearly a third of its value after it announced major workforce cuts and the departure of two top executives, with the company’s share price falling about 30% to $2.07 in after-hours trading late Wednesday

OvaScience said it will continue to make Augment available to patients at partner clinics in Canada and Japan and maintain its current commercial footprint. The fertility product is not available in the USA. However, the company will slow its commercial expansion, reassess its ongoing and planned clinical studies of Augment, and undertake a corporate restructuring. These changes will enable the company to extend its cash position into the first quarter of 2019 and increase its focus on the development of OvaPrime and OvaTure.

30% workforce reduction

This article is accessible to registered users, to continue reading please register for free.  A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Login to your account

Become a subscriber

 

£820

Or £77 per month

Subscribe Now
  • Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
  • Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
  • Daily roundup of key events in pharma and biotech.
  • Monthly in-depth briefings on Boardroom appointments and M&A news.
  • Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK

Companies featured in this story

More ones to watch >


Today's issue

Company Spotlight





More Features in Pharmaceutical