Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Chelsea Therapeutics Unveils Plans To Optimize Long Term Shareholder Value

Chelsea Therapeutics International (CHTP: Quote) 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.

Click here to receive FREE breaking news email alerts for Chelsea Therapeutics International and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks moved notably higher over the course of the trading day on Friday after initially showing a lack of direction. The gains on the day extended the recent upward trend by the markets, with the tech-heavy Nasdaq reaching its best closing level in almost a month. Looking to capitalize on news of an Ebola diagnosis in New York City, Republican Senate candidate Scott Brown issued a statement Friday criticizing his Democratic opponent Sen. Jeanne Shaheen, D-N.H., for "waffling" on a travel ban. In another troubling sign for Democrats, the results of a Gallup poll released on Friday show that Tea Party Republicans are much more motivated to vote in the upcoming midterm elections than other Americans. The poll found that 73 percent of Tea Party Republicans are "extremely" or "very" motivated to vote in this year's elections.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.