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GEMP

Gemphire Therapeutics

$2.32

-0.035 (-1.49%)

17:08
09/24/18
09/24
17:08
09/24/18
17:08

Gemphire Therapeutics to cut 33% of staff and take a $1.4M related charge

Gemphire Therapeutics announces that its board has approved a workforce reduction in order to reduce costs and conserve cash resources. This decision was made in light of the previously announced request by the Food and Drug Administration or additional pre-clinical data required in order to schedule an End of Phase 2 meeting for gemcabene in the company's target dyslipidemia indications. The workforce reduction includes five employees, which represent approximately 33% of the Company's workforce, as of September 18, 2018. Two of the five employees include Jeffrey S. Mathiesen, the company's Chief Financial Officer, and Lee Golden, the Company's Chief Medical Officer. Mr. Mathiesen and Dr. Golden each depart in good standing with the company. Mr. Mathiesen has agreed to act as a consultant to Gemphire for a period of eight months, to provide advice on certain financial and accounting matters. Effective September 18, 2018, the Board designated Dr. Steven Gullans, the company's President and Chief Executive Officer, as the principal financial officer and principal accounting officer of the Company. As a result of the workforce reduction, the Company expects to record severance related charges totaling approximately $1.4 million, which includes one-time cash severance payments of $0.5 million, a non-cash charge of approximately $0.9 million related to the accelerated vesting of outstanding stock options for certain affected employees and $26,300 for continued health insurance coverage. The majority of the cash payments relating to personnel-related restructuring charges will be paid during the fourth quarter of 2018. The charges that the Company expects to incur in connection with the workforce reduction are estimates and subject to a number of assumptions, and actual results may differ materially. The Company may incur additional costs not currently contemplated due to events associated with or resulting from the workforce reduction.

GEMP Gemphire Therapeutics
$2.32

-0.035 (-1.49%)

08/07/18
RAJA
08/07/18
DOWNGRADE
RAJA
Market Perform
Gemphire Therapeutics downgraded to Market Perform from Outperform at Raymond James
08/10/18
ROTH
08/10/18
DOWNGRADE
ROTH
Neutral
Gemphire Therapeutics downgraded to Neutral from Buy at Roth Capital
08/10/18
08/10/18
DOWNGRADE
Target $2

Neutral
Gemphire Therapeutics downgraded to Neutral with $2 target at Roth Capital
As previously reported, Roth Capital analyst Yasmeen Rahimi downgraded Gemphire Therapeutics to Neutral from Buy after the company announced the termination of its Phase 2a pediatric NAFLD trial due to unforeseen ALT and liver fat increases in three patients. This news follows last week's announcement that the FDA has requested additional toxicology studies on gemcabene before progression into the Phase 3 development and Rahimi now sees a lack of major catalysts for Gemphire in the next year. Rahimi cut the firm's price target on Gemphire to $2 from $40.
08/13/18
JEFF
08/13/18
DOWNGRADE
Target $2
JEFF
Hold
Gemphire Therapeutics downgraded to Hold from Buy at Jefferies
Jefferies analyst Matthew Andrews downgraded Gemphire Therapeutics to Hold and lowered his price target for the shares to $2 from $12. With the termination of the company's Phase 2a clinical trial of gemcabene in pediatric patients with non-alcoholic fatty liver disease, and the timing of data unclear from the ongoing familial partial lipodystrophy study, the analyst prefers to step to the sidelines. He estimates Gemphire has $1.30 of cash per share.

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