Newlink Genetics Corporation Announces Retirement of Nicholas Vahani as President and from Its Board of Directors; to Reduce Its Workforce by 28 Employees (Approximately 60%)
September 30, 2019 at 09:35 pm
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On September 30, 2019 NewLink Genetics Corporation announced that Nicholas Vahanian, M.D. has chosen to retire from his position as President of the company and has also resigned from its Board of Directors; both effective, September 27, 2019. Dr. Vahanian cofounded NewLink Genetics in 1999 and has served as President of the company since 2009 and as a member of its Board of Directors since 2015. Previously, he served as NewLink's Chief Medical Officer and Chief Operations Officer.
On September 30, 2019, management commenced a restructuring plan in the context of the anticipated merger. This action is expected to be substantially completed by December 31, 2019. The objective of the restructuring is to reduce NewLink's operating expenses and align its personnel with the anticipated needs of NewLink following the merger. Under the restructuring plan, NewLink will reduce its workforce by 28 employees (approximately 60%), including several members of management. NewLink expects that the workforce reduction and the change in the management team will decrease its cash payroll expense by approximately $5.0-$6.0 million annually.
Lumos Pharma, Inc. is a clinical-stage biopharmaceutical company. The Company is engaged in advancing its clinical program and focused on identifying, acquiring, developing, and commercializing products and new therapies for people with rare diseases. Its pipeline is focused on the development of an orally administered small molecule, LUM-201, which is a growth hormone (GH) secretagogue, also called ibutamoren, for rare endocrine disorders that require injectable recombinant human growth hormone (rhGH). LUM-201 is a tablet formulation that is intended to be administered once daily. LUM-201 stimulates GH via the GH secretagogue receptor (GHSR1a), also known as the ghrelin receptor, and also suppresses the release of somatostatin, thus providing a differentiated mechanism of action to treat some rare endocrine disorders (involving a deficiency of GH) by increasing the amplitude of endogenous, pulsatile GH secretion. Lumos Pharma Sub, Inc. (Private Lumos) is its subsidiary.
Newlink Genetics Corporation Announces Retirement of Nicholas Vahani as President and from Its Board of Directors; to Reduce Its Workforce by 28 Employees (Approximately 60%)
LUMOS PHARMA, INC. 
