Nice 8k out On August 30, 2016, Onconova Therapeutics, Inc. (the “Company”) communicated to certain employees its plan of termination to reduce a number of positions effective as of August 30, 2016 (the “RIF”), as part of its ongoing commitment to reduce costs. The Company estimates the net reduction to be approximately 6 employees, which represents approximately 21 percent of its workforce. Affected employees are being offered severance pay in accordance with Company policy or, if applicable, their employment agreements.
As a result of the workforce reduction, the Company estimates that it will have an annual net savings of approximately $1.4 million and record in the third quarter of 2016 a one-time severance-related charge totaling approximately $.4 million. The severance-related charge that the Company expects to incur in connection with the workforce reduction is subject to a number of assumptions, and actual results may differ materially. The Company may also incur other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, the workforce reduction.
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