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

22 December 2016

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

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