BRIEF-Crescita Therapeutics provides update on immunology group wind-down

Tue Jul 12, 2016 7:59am EDT
 
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July 12 (Reuters) - Crescita Therapeutics

* Provides an update on its immunology group wind down

* Effective July 11, 2016, company sold its manufacturing facility based in Germany that produces active ingredient in WF10 AND Oxoferin

* Says divestiture is part of company's plan to reduce its cash burn

* Says will no longer be funding ongoing operating losses of immunology group

* Says will realize a significant monthly cost savings

* There will be additional future savings as company completes its planned wind-down of immunology group operations

* Says is also continuing orderly closure of its Leipzig office which it expects to complete in Q3 of 2016

* When restructuring is complete later in 2016, company expects to have a reduced cash burn, significant cash and no debt. Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)