Sage to restructure, let go of 340 workers [MarketWatch]
Sage Therapeutics, Inc. (SAGE)
Last sage therapeutics, inc. earnings: 2/27 06:30 am
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Source: MarketWatch
Shares of Sage Therapeutics Inc. were down 0.6% in premarket trading on Wednesday after it announced a restructuring plan that includes letting go of 340 employees, which is more than half of its workforce. The company, which has faced a number of clinical and commercial setbacks over the last year, now expects annualized savings of $170 million as it cuts back on commercial operations for Zulresso, the first postpartum depression treatment to receive approval from the Food and Drug Administration, in 2019. It expects to incur a one-time $31 million expense, due to the workforce reduction. In December Sage said that a Phase 3 study for its experimental therapy for major depressive disorder failed to meet the primary endpoint, an announcement that sent shares toward a two-year low. Raymond James' Dana Leone attributed the restructuring to "several compounding commercial and clinical setbacks that have reduced the ability of Sage Therapeutics to continue funding the current operational
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