PhaseRx announces corporate restructuring, review of strategic alternatives
PhaseRx announced that its board of directors has made a determination to conduct a restructuring of operations to reduce short term operating costs and delay the development of its lead product candidate PRX-OTC. This reorganization includes a reduction in PhaseRx's workforce by 10 employees, including some executive officers. These efforts are aimed at preserving the company's cash resources. As of June 30, 2017, PhaseRx had cash and equivalents of $8.4M and a total of 20 employees. The board of directors has also begun a review of strategic alternatives, including but not limited to a potential merger transaction. The company has not set a timetable for this process. No decision has been made as to whether the company will engage in a transaction or transactions and there can be no assurance that the review of strategic alternatives will result in a transaction, or the terms or timing of any potential transaction that may take place. The company does not intend to discuss or disclose further developments during this process unless and until its board of directors has approved a specific action or otherwise determined that further disclosure is appropriate.