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
Hampton Farms has voluntarily recalled Ava's brand organic cashews for potential Listeria contamination. The Organic Cashews Roasted & Salted 8 oz. tubs were distributed in New Jersey, New York, Pennsylvania and Connecticut. As per the recall statement, fewer than 225 units of this product were offered for retail sale. Maternity leave is a temporary period of absence from employment granted to expectant or new mothers during the months immediately before and after their pregnancy. Parental leave, including maternity, paternity and adoption leave, is an employee benefit. Many countries around the world, including... Texas, the second largest state in the U.S., has four of the five fastest-growing cities in the U.S., according to new population estimates released Thursday by the U.S. Census Bureau for the twelve months up to July 1, 2016. Ten of the fifteen fastest growing large U.S. cities during that 12-month span were in the South, according to the Census Bureau.
comments powered by Disqus
Follow RTT