RCAR - RenovaCare trims management team amid cost cutting measures

RenovaCare (OTCPK:RCAR) announced reductions in its management team for streamlining administrative expenses. Dr. Kaiyo Nedd resigned as Interim President, CEO and Director, and Mr. Justin Frere as CFO and Secretary. Dr. Nedd will continue to provide ongoing support to the company as needed with respect to legacy matters, and Mr. Frere will continue to provide accounting services as needed. Chairman and majority stockholder, Mr. Harmel S. Rayat, will assume the roles of President, CEO, CFO, and secretary on interim basis. Renova has undertaken ongoing administrative and operating cost-cutting measures due to COVID-19 related low patient enrollment in the RenovaCare clinical trial for safety and feasibility, ongoing legal costs of its defense against a civil complaint filed by U.S. SEC and reputational damage suffered amidst loss of several clinical partners in June 2021.

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RenovaCare trims management team amid cost cutting measures