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Novelion Therapeutics Announces Cost Reduction Plans and Capital Structure Review
Jan. 25, 2018 09:37AM PST
Biotech InvestingNovelion Therapeutics (NASDAQ:NVLN), a biopharmaceutical company dedicated to developing new standards of care for individuals living with rare metabolic diseases, today announced significant cost reduction plans as it continues to manage its cash resources and the effects of the delay and uncertainty of the settlement of its Aegerion subsidiary with the U.S. Department of Justice and the Securities …
Novelion Therapeutics (NASDAQ:NVLN), a biopharmaceutical company dedicated to developing new standards of care for individuals living with rare metabolic diseases, today announced significant cost reduction plans as it continues to manage its cash resources and the effects of the delay and uncertainty of the settlement of its Aegerion subsidiary with the U.S. Department of Justice and the Securities and Exchange Commission.
As quoted in the press release:
Chairman of the Board of Directors Jason M. Aryeh said, “Unfortunately, our disappointing financial performance in 2017, current cash position, expectations for cash use in 2018, and the additional expenses, delays and uncertainty we’ve faced as part of the DOJ and SEC investigations of our Aegerion subsidiary, prompted difficult decisions regarding the use of our limited resources.”