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
Ford Motor Co. has announced a safety recall for about 680,000 vehicles, mainly in North America, to fix faulty seat belts that may not hold people in the event of a crash. The recall, primarily for mid-size sedans, includes about 650,000 Ford Fusion vehicles manufactured between 2013 and 2016 and Lincoln MKZ produced between 2013 and 2015. Apple Inc. has confirmed its interest in autonomous vehicle technology, saying it is excited about the potential of automated systems in many areas, including transportation. In a letter to the National Highway Traffic Safety Administration, Steve Kenner, Apple's director of product integrity, said that the tech giant looks forward to collaborating with the regulator and other stakeholders. Japanese electronics maker Panasonic Corp. is in talks to buy Austrian headlight manufacturer ZKW Group GmbH, Nikkei business daily reported Monday, citing a person familiar with the matter. As per the report, both companies could reach a basic agreement as early as this month for a deal that could be worth up to $1 billion.
comments powered by Disqus
Follow RTT