In aftermath of lead drug implosion, ObsEva's restructuring claims 70% of its staffers — reaching into the C-suite
After running into a major roadblock at the FDA for its uterine fibroid drug and seeing its shares eviscerated, ObsEva flagged plans for “mass dismissal” as part of a wholesale restructuring under a court-appointed administrator to get back on track.
We now know that means letting go of 70% of its employees.
In an update on the revamp, ObsEva — which is facing a delisting threat from Nasdaq — noted that it plans to complete the terminations in Q4 and shave $7.6 million off its annual expenses. Katja Buhrer, who only joined in February as chief strategy officer, will be among those to exit.
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