Regulus Therapeutics (NASDAQ: RGLS) reported Q1 EPS of ($0.38), $0.03 worse than the analyst estimate of ($0.35).

The Company also announced a corporate restructuring plan to streamline its operations as it focuses on its most promising discovery and development programs.

The restructuring includes an immediate workforce reduction of approximately 30%, which is expected to result in approximately $6.0 million in annual savings after one-time restructuring costs. Also in line with the restructuring, the Board of Directors has accepted the resignation of Dr. Paul C. Grint, President and Chief Executive Officer and director, effective immediately, and appointed Joseph P. "Jay" Hagan, the Company's Chief Operating Officer, to the position of President and Chief Executive Officer and director, also effective immediately. The Company also promoted Daniel R. Chevallard, its Vice President, Finance and Accounting, to the position of Chief Financial Officer, effective immediately.

"We are very grateful for the leadership of Dr. Grint and the many contributions of our other impacted employees who have dedicated themselves to Regulus' efforts in advancing the science of microRNAs," said Stelios Papadopoulos, Chairman of the Board of Directors. "We are confident that Regulus is well positioned for success under Jay's guidance."

"Our priorities remain on our most promising programs allowing us to achieve anticipated milestones," said Jay Hagan, President and Chief Executive Officer of Regulus. "We continue to advance our clinical and pre-clinical pipeline, and importantly, are on track to commence the Phase II HERA and renal biopsy studies for RG-012 as planned."

For earnings history and earnings-related data on Regulus Therapeutics (RGLS) click here.