logo
Plus   Neg
Share
Email

Chelsea Therapeutics Unveils Plans To Optimize Long Term Shareholder Value

Chelsea Therapeutics International (CHTP) Tuesday announced that the Board of Directors of the company has unveiled plans to implement a series of activities aimed at optimizing long-term stockholder value.

The biopharmaceutical company stated that, as part of the plans, the Board of Directors propose a corporate restructuring that includes a reduction in workforce, executive changes and changes to the company's Board of Directors.

The company's Board expects to significantly reduce the company's headcount, retaining only those employees necessary to gain marketing authorization of Northera in the U.S. for the treatment of symptomatic neurogenic orthostatic hypotension in patients with primary autonomic failure.

The company further stated that Kevan Clemens, Ph.D. has stepped down as Chairman and remains a director, with director Michael Weiser, M.D., Ph.D. assuming the role of Chairman..

"Chelsea Therapeutics has faced tremendous challenges in moving Northera forward through the regulatory process, making these difficult decisions necessary to ensure stockholder value is preserved in the short term and can be built over the long-term," said Dr. Weiser.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
In the age of social media, it takes mere hours for a company to suffer the backlash of of allegations of racism. For some companies, these incidents have hurt their bottom line and sullied their reputations. For others, they were a blip caused by clumsy if not altogether coincidental missteps. In... BJ's Wholesale Club Holdings Inc., which is planning a return to the public market, has set terms for its planned initial public offering or IPO. In a filing with the U.S. Securities and Exchange Commission, the warehouse club operator said Monday that it plans to offer 37.5 million shares priced between $15 and $17 per share. At the top end of the range, the offering would raise $637.5 million. Shares of Valeant Pharmaceuticals International Inc. are falling more than 6 percent in Monday's trading following news that the U.S. Food and Drug Administration has failed to approve the Canada-based company's Duobrii lotion for the treatment of plaque psoriasis. Ortho Dermatologics, a division of Valeant Pharmaceuticals, said it has received a Complete Response Letter or CRL from the FDA.
Follow RTT