$NVLS 2.28 up slightly A/H on news of restructuring and pursuing strategic deals in the future.
Nivalis to lay off CEO and 80% of staff as part of restructuring
4:29 pm ET January 12, 2017 (MarketWatch)
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Nivalis Therapeutics Inc. (NVLS) plans to lay off 80% of its workforce, including President and Chief Executive Jon Congleton, as part of its restructuring plan. That will leave the company with 5 employees out of its current total 30. The reduction in staff is aimed at preserving the company's cash as it explores various options. The clinical-stage pharmaceutical company said it expects to book restructuring-related costs of $3 million but will have $45 million to $47 million to pursue strategic deals. Meanwhile, Nivalis named Chief Financial Officer Michael Carruthers as interim president, effective Jan. 15. Shares rose 2.3% after hours.
