MLND - Millendo discloses restructuring plan to cut up to 85% of its workforce

Millendo Therapeutics ([[MLND]] +1.6%) announces board approval for a corporate restructuring plan which will result in an up to 85% reduction in the company's workforce.The company said that majority of the job cuts will be completed by April 15, 2021, and added that it expects to provide severance payments and continuation of group health insurance coverage for a specified period to the affected employees.Millendo expects to incur costs of  $5M to $5.5M for termination benefits and retention arrangements related to its restructuring plan.The company also announced that it had appointed Louis  Arcudi as its CEO, getting a bump up from his prior role as the company's CFO.Millendo also named Jennifer Minai-Azary, who has served various roles at the firm since 2013, as its CFO.The company had decided to pull out of further investment in its ongoing Phase 1 study evaluating MLE-301 for menopausal vasomotor symptoms, earlier this month.

For further details see:

Millendo discloses restructuring plan to cut up to 85% of its workforce