Memory Pharmaceuticals (MEMY) Announces 55% Reduction in Workforce; Appoints Smith as CFO
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Memory Pharmaceuticals Corp. (Nasdaq: MEMY) today announced that it is implementing a reduction in its workforce designed to reduce its costs and direct its resources toward its clinical development programs. As part of this plan, the Company's workforce will be reduced by approximately 55% across all areas of the business. The cost reductions associated with the eliminated positions will allow the Company to continue to execute its development strategy and support its key programs as planned, including the ongoing and expected trials for its clinical-stage drug candidates.
The Company also announced that Michael Smith, VP of Business Development, will become CFO, replacing James Sulat. Mr. Sulat will remain with the Company through a transition period.
Memory Pharmaceuticals Corp., a biopharmaceutical company, focuses on the discovery and development of drug candidates for the treatment of central nervous system conditions.
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