Regulus Therapeutics Inc (RGLS) saw its loss narrow to $20.02 million, or $0.38 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $21.21 million, or $0.40 a share. Revenue during the quarter plunged 96.32 percent to $0.02 million from $0.49 million in the previous year period.
Operating loss for the quarter was $19.69 million, compared with an operating loss of $21.38 million in the previous year period.
The restructuring includes an immediate workforce reduction of approximately 30%, which is expected to result in approximately $6.0 million in annual savings after one-time restructuring costs. Also in line with the restructuring, the Board of Directors has accepted the resignation of Dr. Paul C. Grint, President and Chief Executive Officer and director, effective immediately, and appointed Joseph P. “Jay” Hagan, the Company’s Chief Operating Officer, to the position of President and Chief Executive Officer and director, also effective immediately. The Company also promoted Daniel R. Chevallard, its Vice President, Finance and Accounting, to the position of Chief Financial Officer, effective immediately.
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