Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

PhaseRX shares surge as it halves workforce to cut costs

PhaseRx said its restructuring was aimed at preserving its cash resources
health
PhaseRx will delay the development of its lead product candidate

PhaseRx Inc. NASDAQ:PZRX) shares rocketed up more than 80% after the biopharmaceutical company announced it was cutting 10 jobs, representing half of its workforce.

The job cuts include some executive officers as part of a corporate restructuring, which PhaseRx said was aimed at preserving cash resources.

The firm had cash and equivalents of US$8.4mln and a total of 20 employees on 30 June.

PhaseRx also said it would delay the development of its lead product candidate PRX-OTC , a treatment for children with inherited enzyme deficiencies in the liver,

Shares jumped 80.78% to 1.60p each in early US trading, marking a major rebound after falling 43%  in the year to date though Thursday. 

View full PZRX profile View Profile

Related Articles

Skin beauty
April 19 2018
In a note to clients initiating coverage on SkinBio, the joint ‘house’ broker noted that, as the skin microbiome group operates in a new therapeutic area, there is little market data in the sector
1521490126_shutterstock_234586750.jpg
March 19 2018
The group has received key permits to allow cannabis - flowers and oils - to be imported into Australia from Aurora Cannabis Inc
little girl sneezing in a field
May 21 2018
The Phase II study of Allergy Therapeutics’ PQ Grass immunotherapy – an aluminium-free, ultra-short course hay fever treatment – evaluated dose response and safety

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use