logo
Share SHARE
FONT-SIZE Plus   Neg

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 RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
The holiday throng seeking to take a flight out to their preferred destinations at the at New York's Kennedy International Airport ahead of the Memorial Day holiday were in for a rude shock. Technology played a spoilsport, as a computer system broke down Sunday evening at a terminal, causing flight delays and cancellations that resulted in manual check-in process for thousands of holiday passeng The month of May saw the FDA greenlight 5 new drugs, including 1 new molecular entity, and surprisingly turn down 1 drug candidate, whose approval was considered a no-brainer by some experts. Lab equipment maker Thermo Fisher Scientific Inc. has agreed to acquire electron microscope maker FEI Co. for about $4.2 billion in cash, the two companies said Friday. Thermo Fisher noted that FEI's electron microscopy platform will complement its own mass spectrometry systems to accelerate advancements in structural biology.
comments powered by Disqus
Follow RTT