Sage Therapeutics Announces Restructuring to Advance Corporate Strategy and Pipeline
Sage Therapeutics, Inc. (SAGE)
Last sage therapeutics, inc. earnings: 2/27 06:30 am
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US:NASDAQ Investor Relations:
investor.sagerx.com/investor-relations
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Source: Business Wire
Changes are expected to result in annualized cost savings of approximately $170 million, including SG&A savings of $150 millionHeadcount reduction of 340 – approximately 53 percent of workforceCurrent balance of cash, cash equivalents, restricted cash, and marketable securities expected to support operations into 2022Based on current information, anticipated 2020 and 2021 R&D milestones remain unchangedConference call today at 4:30 p.m. EDT CAMBRIDGE, Mass.--(BUSINESS WIRE)--Sage Therapeutics, Inc. (NASDAQ: SAGE), a biopharmaceutical company committed to developing novel therapies with the potential to transform the lives of people with debilitating disorders of the brain, today announced a restructuring intended to enable the Company to advance its corporate strategy and pipeline. The resulting cost savings are comprised of a reduction in the workforce of approximately 53 percent, in addition to an expected decrease in external expenses that together are anticipated to result in a
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