Corporate Restructuring and Focus on Corporate Development Efforts
With the support of a unanimous decision by Nventa's board of
directors, the company will undertake a corporate restructuring designed to
extend the company's financial resources and increase the focus on
corporate development efforts surrounding the company's core assets. Key
elements of the restructuring include:
-- A sixty percent reduction of staff from 13 to 5. As part of this
reduction, Richard B. Lai Fatt, Ph.D., vice president of corporate
development and David Duncan, Jr., vice president of finance, will be
leaving the company. Peter Emtage, Ph.D. will remain as vice
president of research and development. Concurrent with the
restructuring, board members, Jay M. Short, Ph.D., Joann Data, M.D.,
Ph.D., Gordon Busenbark, and Sandford D. Smith, as well as all members
of the scientific advisory board, will be stepping down. Robert
Rieder will become chairman of the board and John Varian will continue
as the audit committee chair.
-- A reduction of annualized cash burn of approximately 30 percent.
-- An increased focus of corporate resources toward monetizing the
company's core assets. As part of this, the company will expand its
corporate development efforts for the pur
|SOURCE Nventa Corporation|
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