NuPathe (PATH) to Cut Workforce 50%, Delay IND for NP202, Cut NP101 Spending
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As previously reported, on September 25, 2012, NuPathe Inc. (Nasdaq: PATH) entered into a Securities Purchase Agreement with certain qualified institutional purchasers and individual investors pursuant to which the Company agreed to sell to the Investors units of the Company’s securities for an aggregate purchase price of $28 million. The closing of the Proposed Financing is subject to certain specified closing conditions. In connection with the Proposed Financing, the Company is undertaking certain cost containment measures in order to focus its expenditures on gaining FDA approval of NP101, securing commercial partners and select pre-launch activities. The cost containment measures include, among others:
- A 50% reduction in workforce;
- Reducing expenditures relating to commercialization activities for NP101 and the earlier stage product candidates;
- Delaying the filing of an Investigational New Drug application for NP202, the Company’s product candidate for the long-term treatment of schizophrenia and bipolar disorder, until a co-development partner is obtained; and
- The previously reported restructuring of the Company’s outstanding debt under its term loan facility.
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