Cytori Announces Corporate Restructuring & Cost Reduction Plan
CYTORI THERAPEUTICS (CYTX)
Last cytori therapeutics earnings: 11/14 04:15 pm
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US:NASDAQ Investor Relations:
ir.cytori.com/investor-relations/default.aspx
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Source: GlobeNewswire
SAN DIEGO, Sept. 01, 2017 (GLOBE NEWSWIRE) -- Cytori Therapeutics (NASDAQ:CYTX) (“Cytori” or the “Company”) today announced a substantial corporate restructuring intended to significantly reduce expenses while maintaining its ability to execute on its BARDA-sponsored cell therapy program, Japanese business and oncology program. The Cytori Habeo program for scleroderma is expected to move forward based on feedback from its forthcoming meetings with the FDA in the U.S. and PMDA in Japan. The restructuring is expected to reduce Cytori’s workforce by approximately 50% and significantly reduce quarterly operational cash burn. “Our need to conserve capital and focus our talented team on the priorities most relevant for stockholders and other key stakeholders has sadly required us to take action that will affect a number of valued and capable members of the Cytori team,” said Dr. Marc H. Hedrick, Cytori’s President & CEO. “In addition, we have engaged TAP Advisors to help us evaluate seve
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