By Stephen Nakrosis
Shares of biopharmaceutical company First Wave BioPharma Inc. were lower in Friday’s late session, after the company’s Chairman, President and Chief Executive, James Sapirstein, said in a letter to shareholders the company would reduce headcount and initiate austerity measures to conserve capital.
The company’s decision follows data from the Phase 2 RESERVOIR trial examining the safety and efficacy of FW-COV as a potential treatment for Covid-19-related GI infections. Mr. Sapirstein said top-line data from the trial were mixed.
Along with a 20% reduction in headcount, the company will close its West Coast office and a facility in Langlade, France. First Wave also intends to defer certain obligations, including payment obligations related to the acquisition of First Wave Bio Inc., Mr. Sapirstein said.
At 4:46 pm ET, the company’s shares were trading 45.
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16% lower, at 34 cents per share. The stock finished the day’s regular session with a 3.16% loss, closing at 62 cents a share.
The stock touched a 52-week low of 60 cents per share on Thursday.
Write to Stephen Nakrosis at [email protected]
Credit: www.marketwatch.com /