Cempra (CEMP) Misses Q4 EPS by 1c, to Reduce Workforce

Cempra (NASDAQ: CEMP) reported Q4 EPS of ($0.60), $0.01 worse than the analyst estimate of ($0.59).

Corporate Restructuring Action

As a consequence of the CRL we received, and subsequent discussions with the FDA, resulting in a delay of the potential approval of solithromycin, we recently initiated companywide cost and personnel reductions. These actions have resulted in an approximately 67 percent reduction in our workforce, from 136 to 45 employees, and significant reductions in external spending related to commercial preparedness and non-essential activities. The principal objective of the reductions is to enable us to conserve our financial resources as we evaluate the best path forward with our existing pipeline and potential business development opportunities.

Business Development Activities

As Cempra progresses its internal programs, the company also is actively engaged in a process to evaluate and assess external late-stage assets and other potential strategic business opportunities to determine the best use of its significant cash resources and clinical programs to deliver value to patients and shareholders through internal and/or potential external opportunities

For earnings history and earnings-related data on Cempra (CEMP) click here.

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