Chelsea (CHTP) Shares Continue Lower Amid CEO, Chairman Resignations, Layoffs

July 10, 2012 8:58 AM EDT
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Investors are continuing to sell shares of Chelsea Therapeutics (Nasdaq: CHTP) after the company this morning announced a large headcount reduction and the resignations of its Founder, President and CEO Simon Pedder and Chairman Kevan Clemens.

After falling about 3 percent on Monday, Chelsea shares are indicated about 7 percent lower Tuesday ahead of the open. The stock last traded at $1.15.

While specific figures on the the layoffs were not given, Chelsea said it will be "retaining only those employees necessary to gain marketing authorization of Northeraâ„¢ (droxidopa) in the U.S."

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