Following the completion of a comprehensive review of its operations, Societal has reduced its workforce by 26 positions (9%) across all aspects of the business, effective
“Our executive team, in collaboration with our board of directors, has executed a careful review of our current operations and resources and determined that this strategic realignment is essential at this time. Industry-wide funding challenges, which are particularly impacting early-stage drug development, dictate that we reduce our infrastructure in areas that support companies most affected by this slowdown. Taking these difficult but important steps will enable us to increase our operational efficiency, especially in areas that historically have been our greatest strengths. Additionally, this restructuring will bolster our ability to achieve our growth strategies and continue to deliver on our commitment to playing a key role in bringing important medicines to patients,” said
To further support this organizational realignment, Societal has appointed
“I am pleased to assume the role of executive chairman and further support our management as it navigates today’s challenging financial environment. I, as well as the other members of the Societal board of directors, have an excellent working relationship with our management team, and I appreciate the opportunity to expand our engagement on these strategic matters,” stated
About
In addition to our experience in handling DEA controlled substances and developing and manufacturing modified-release dosage forms,
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward looking statements include, but are not limited to, statements regarding the anticipated cost savings of the restructuring. The words “anticipate”, “believe”, “could”, “estimate”, “upcoming”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will” and similar terms and phrases may be used to identify forward-looking statements in this press release. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that could cause the company’s actual outcomes to differ materially from those expressed in or underlying these forward-looking statements include risks and uncertainties associated with realizing the expected benefits of the restructuring plan in a timely manner, or at all, potential negative impacts of the restructuring on the Company’s business operations and reputation, retaining skilled and motivated personnel, costs of restructuring and expected future balances of cash, cash equivalents and short-term investments These forward-looking statements should be considered together with the risks and uncertainties discussed in our filings with the
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Contacts:Stephanie Diaz (Investors)Vida Strategic Partners 415-675-7401 sdiaz@vidasp.comTim Brons (Media)Vida Strategic Partners 415-675-7402 tbrons@vidasp.comRyan D. Lake (CFO)Societal CDMO 770-531-8365 ryan.lake@societalcdmo.com
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