Avadel Pharmaceuticals Announces Planned Reduction of French Workforce
31 3월 2017 - 5:03AM
Avadel Pharmaceuticals plc (NASDAQ:AVDL), today announced a plan to
reduce its headcount in France by approximately 50 people. This
reduction is an effort to align the Company’s cost structure with
its ongoing and future planned projects. This action does not
affect the allocation of resources to its REST-ON Phase III
clinical trial or any other important pipeline initiatives.
Subject to French regulatory requirements, the
Company expects the reduction to be substantially completed by end
of July 2017 and to incur related employee severance, benefits and
other costs of approximately $2.5 to $4.0 million. Once fully
implemented, the company anticipates annual costs savings of
approximately $3.5 to $4.0 million.
About Avadel Pharmaceuticals
plc: Avadel Pharmaceuticals plc (NASDAQ:AVDL) is a
specialty pharmaceutical company that seeks to develop
differentiated pharmaceutical products that are safe, effective and
easy to take through formulation development, by utilizing its
proprietary drug delivery technology and in-licensing / acquiring
new products; ultimately, helping patients adhere to their
prescribed medical treatment and see better results. Avadel
currently markets products in the hospital and primary care spaces.
The Company is headquartered in Dublin, Ireland with operations in
St. Louis, Missouri and Lyon, France. For more information, please
visit www.avadel.com.
Safe Harbor: This release may
include "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements
herein that are not clearly historical in nature are
forward-looking, and the words "anticipate," "assume," "believe,"
"expect," "estimate," "plan," "will," "may," and the negative of
these and similar expressions generally identify forward-looking
statements. All forward-looking statements involve risks,
uncertainties and contingencies, many of which are beyond Avadel's
control and could cause actual results to differ materially from
the results contemplated in such forward-looking statements. These
risks, uncertainties and contingencies include the risks relating
to: our dependence on a small number of products and customers for
the majority of our revenues; the possibility that our Bloxiverz®,
Vazculep® and Akovaz® products, which are not patent protected,
could face substantial competition resulting in a loss of market
share or forcing us to reduce the prices we charge for those
products; the possibility that we could fail to successfully
complete the research and development for pipeline products we are
evaluating for potential application to the FDA pursuant to our
"unapproved-to-approved" strategy, or that competitors could
complete the development of such product and apply for FDA approval
of such product before us; our dependence on the performance of
third parties in partnerships or strategic alliances for the
commercialization of some of our products; the possibility that our
products may not reach the commercial market or gain market
acceptance; our need to invest substantial sums in research and
development in order to remain competitive; our dependence on
certain single providers for development of several of our drug
delivery platforms and products; our dependence on a limited number
of suppliers to manufacture our products and to deliver certain raw
materials used in our products; the possibility that our
competitors may develop and market technologies or products that
are more effective or safer than ours, or obtain regulatory
approval and market such technologies or products before we do; the
challenges in protecting the intellectual property underlying our
drug delivery platforms and other products; our dependence on key
personnel to execute our business plan; the amount of additional
costs we will incur to comply with U.S. securities laws as a result
of our ceasing to qualify as a foreign private issuer; and the
other risks, uncertainties and contingencies described in the
Company's filings with the U.S. Securities and Exchange Commission,
including our annual report on Form 10-K for the year ended
December 31, 2015, all of which filings are also available on the
Company's website. Avadel undertakes no obligation to update its
forward-looking statements as a result of new information, future
events or otherwise, except as required by law.
Contacts:
Michael F. Kanan
Chief Financial Officer
Phone: (636) 449-1844
E-mail: mkanan@avadel.com
Lauren Stival
Sr. Director, Investor Relations and Corporate Communications
Phone: (636) 449-5866
Email: lstival@avadel.com
Avadel Pharmaceuticals (NASDAQ:AVDL)
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Avadel Pharmaceuticals (NASDAQ:AVDL)
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