BioCryst Pharma (BCRX) Announces Restructuring; to Halve Workforce
Tweet Send to a FriendGet Alerts BCRX Hot Sheet
Price: $1.71 -1.16%
EPS Growth %: +30.8%
Financial Fact:
Interest expense: -1.18M
Today's EPS Names:
LBIX, ESEA, ISS, More
EPS Growth %: +30.8%
Financial Fact:
Interest expense: -1.18M
Today's EPS Names:
LBIX, ESEA, ISS, More
Trade BCRX Now!
BioCryst Pharmaceuticals, Inc. (NASDAQ: BCRX) announced today that in response to recent events and an assessment of its assets, the Company is restructuring and implementing a focused strategy to advance its hereditary angioedema (HAE) and antiviral programs. The restructuring is intended to significantly reduce BioCryst’s cost structure and scale the organization appropriately for its current portfolio. The Company plans to direct its cash and other resources primarily to enable the achievement of important near-term milestones for the BCX4161 HAE, BCX4430 broad spectrum antiviral and BCX5191 hepatitis C (HCV) programs.
BioCryst’s corporate restructuring includes a workforce reduction of 50 percent of the Company’s headcount, or 38 positions. Excluding restructuring and deal charges, cash savings of $15 to $18 million are expected in 2013, as compared to an approximate $40 million cash use expected in 2012. The Company expects to record a restructuring charge of $2 to $4 million in the fourth quarter of 2012. For 2013, preliminary cash utilization guidance is in the range of $22 to $25 million, excluding restructuring and deal related costs. Detailed financial guidance for 2013 will be provided with the fiscal 2012 results announcement in February 2013.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
BioCryst’s corporate restructuring includes a workforce reduction of 50 percent of the Company’s headcount, or 38 positions. Excluding restructuring and deal charges, cash savings of $15 to $18 million are expected in 2013, as compared to an approximate $40 million cash use expected in 2012. The Company expects to record a restructuring charge of $2 to $4 million in the fourth quarter of 2012. For 2013, preliminary cash utilization guidance is in the range of $22 to $25 million, excluding restructuring and deal related costs. Detailed financial guidance for 2013 will be provided with the fiscal 2012 results announcement in February 2013.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- J.C. Penney Co., Inc. (JCP) Posts Q1 Loss of $1.31/Share; Comps Down 16.6%
- Response Genetics (RGDX) Surges on Blue Shield of California Contract
- Sanofi (SNY) Reports JAKARTA Met Primary Endpoint in Both Groups
Create E-mail Alert Related Categories
Corporate News, Guidance, Hot Corp. NewsRelated Entities
Layoffs
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
