May 3, 2018 / 8:34 PM / 2 months ago

BRIEF-Ovascience Reports Q1 Loss Per Share Of $0.21

May 3 (Reuters) - OvaScience Inc:

* OVASCIENCE REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATE

* Q1 LOSS PER SHARE $0.21

* MANAGEMENT TEAM AND BOARD OF DIRECTORS HAVE INITIATED A PROCESS TO EXPLORE A RANGE OF STRATEGIC ALTERNATIVES

* BOARD HAS ESTABLISHED A BUSINESS DEVELOPMENT COMMITTEE THAT WILL WORK WITH MANAGEMENT TO OVERSEE ALTERNATIVES

* WILL RESTRUCTURE ITS ORGANIZATION, REDUCE COST STRUCTURE, INCLUDING REDUCING WORKFORCE BY APPROXIMATELY 70 PERCENT

* MAJORITY OF REDUCTION IN PERSONNEL IS EXPECTED TO BE COMPLETED BY JUNE 30, 2018

* EXPECTS TO REALIZE ANNUALIZED COST SAVINGS BEGINNING IN Q4 OF 2018

* ESTIMATES THAT IT WILL INCUR ONE-TIME COSTS OF APPROXIMATELY $0.5 MILLION TO $1.0 MILLION RELATED TO RESTRUCTURING PLAN Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below