Allon cuts staff and administrative costs
VANCOUVER, B.C. — Allon Therapeutics Inc. (TSX: NPC) announced today that, after the negative results in its pivotal davunetide study, it has implemented staff and administrative reductions.
As part of this process approximately 40% of its staff has been terminated. These changes are consistent with the strategic review announced on December 18. As part of that strategic review, a number of additional personnel have accepted working notice of potential future termination while the Company assesses its strategic options.
Allon also announced that Dr. Michael Gold, Vice President, Clinical Development and Chief Medical Officer of the Company, has resigned. “We are grateful for Mike’s leadership and expertise, which contributed so much to a well-designed and executed pivotal study”, said Gordon McCauley, President and CEO.
Allon Therapeutics Inc. is a clinical-stage biotechnology company focused on bringing to market innovative central nervous system therapies. The Company is listed on the Toronto Stock Exchange under the trading symbol “NPC”.
Forward Looking Statements
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