Company News

BUZZ-Aralez Pharma: Sinks on going concern doubts, wider-than-expected loss

** Canadian drugmaker’s U.S.-listed shares plunge 20 pct to $1.21, second biggest decliner across U.S. exchanges in premarket

** Co raises substantial doubt about its ability to continue as a going concern due to liquidity issues

** As of March 31, co had cash and cash equivalents of about $43.9 million

** Posts a wider-than-expected Q1 loss; withdraws previous guidance

** Says to immediately wind down its U.S. commercial business and ultimately shut down U.S. operations; to focus on Canadian business

** U.S.-listed shares set to more that erase YTD gains of 7 pct; Canadian-listed shares rose ~8 pct YTD (Reporting by Shreyashi Sanyal in Bengaluru)