Replidyne Announces Restructuring of Operations
27 Août 2008 - 10:30PM
PR Newswire (US)
LOUISVILLE, Colo., Aug. 27 /PRNewswire-FirstCall/ -- Replidyne,
Inc. (NASDAQ:RDYN) today announced the restructuring of its
operations reducing its current employee headcount by approximately
80% to 5 employees in actions that are scheduled to take place
during September 2008 and October 2008. As a result of these
actions Replidyne will suspend further development activities of
REP3123, its investigational agent for the treatment of Clostridium
difficile (C. difficile) bacteria and C. difficile Infection (CDI),
and novel anti-infective compounds based on its DNA replication
inhibition technology. Following completion of the restructuring
actions, the Company will limit its activities to completing its
review of previously announced strategic alternatives. "The actions
outlined today position us to focus on the strategic alternatives
process that we initiated several months ago, as well as preserve
our cash resources," stated Kenneth J. Collins, President and Chief
Executive Officer of Replidyne. "The process we are conducting
involves a number of alternatives including merger or acquisition
of the company together with the possible sale of our C. difficile
and DNA replication inhibition programs. While the process is
ongoing, we are encouraged by our progress to date." The Company
estimates that it will incur $3.1 million of costs related to the
restructuring of its operations comprised of $1.6 million for
employee severance benefits, $0.8 million for lease payments in
excess of expected sub-lease income and $0.7 million of non-cash
expense for the write down of impaired fixed assets. At July 31,
2008 the Company reported $60.7 million in cash and cash
equivalents and short term investments and had recorded current
liabilities of $10.2 million. Safe Harbor This press release
contains plans, intentions, objectives, estimates and expectations
that constitute forward-looking statements about Replidyne, Inc.
that involve significant risks and uncertainties. Actual results
could differ materially from those discussed due to a number of
factors including, the outcome of the Company's strategic
alternatives process; resolution by the Company of the matters
raised in the Warning Letter received from the FDA in January 2008;
the success and timing of pre-clinical studies and clinical trials;
the Company's ability to obtain and maintain regulatory approval of
product candidates and the labeling under any approval that may be
obtained; plans to develop and commercialize product candidates;
the loss of key scientific or management personnel; the size and
growth of the potential markets for the Company's product
candidates and the Company's ability to serve those markets;
regulatory developments in the U.S. and foreign countries; the rate
and degree of market acceptance of any future products; the
accuracy of Company estimates regarding expenses, future revenues
and capital requirements; the Company's ability to obtain and
maintain intellectual property protection for our product
candidates; the success of competing drugs that are or become
available; and the performance of third party manufacturers. These
and additional risks and uncertainties are described more fully in
the Company's most recent Form 10-Q filed with the SEC under the
Securities Exchange Act of 1934. Copies of filings made with the
SEC are available through the SEC's electronic data gathering
analysis and retrieval system (EDGAR) at http://www.sec.gov/. All
forward-looking statements made in the press release are made as of
the date hereof and the Company assumes no obligation to update the
forward-looking statements in the document. DATASOURCE: Replidyne,
Inc. CONTACT: Mark Smith, Chief Financial Officer of Replidyne,
+1-303-996-5535 Web site: http://www.replidyne.com/
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