BRIEF-Millendo Therapeutics Inc - On Jan 22, Board Approved Corporate Restructuring Plan

Reuters2021-01-29

Jan 28 (Reuters) - Millendo Therapeutics Inc :

* MILLENDO THERAPEUTICS INC - ON JAN 22, BOARD APPROVED CORPORATE RESTRUCTURING PLAN

* MILLENDO THERAPEUTICS - PLANS TO REDUCE WORKFORCE BY UP TO 85%, WITH MAJORITY OF REDUCTION IN PERSONNEL EXPECTED TO BE COMPLETED BY APRIL 15, 2021

* MILLENDO THERAPEUTICS - ESTIMATES IT WILL INCUR COSTS OF UP TO $5.0 MILLION TO $5.5 MILLION FOR TERMINATION BENEFITS, RETENTION ARRANGEMENTS RELATED TO PLAN

* MILLENDO THERAPEUTICS INC - ON JAN 22, BOARD APPOINTED LOUIS J. ARCUDI III AS CEO, PRESIDENT AND PRINCIPAL EXECUTIVE OFFICER, EFFECTIVE FEBRUARY 1

* MILLENDO THERAPEUTICS INC - JULIA C. OWENS WILL STEP DOWN FROM HER ROLE AS CEO, PRESIDENT AND PRINCIPAL EXECUTIVE OFFICER, EFFECTIVE JANUARY 31

* MILLENDO THERAPEUTICS - ON JAN 27, BOARD APPOINTED JENNIFER MINAI-AZARY AS CFO, PRINCIPAL FINANCIAL OFFICER AND PRINCIPAL ACCOUNTING OFFICER

* MILLENDO THERAPEUTICS-EXPECTS TO PROVIDE SEVERANCE PAYMENTS,CONTINUATION OF GROUP HEALTH INSURANCE COVERAGE FOR SPECIFIED PERIOD TO AFFECTED EMPLOYEES

* MILLENDO THERAPEUTICS INC - ALSO PLANS TO ENTER INTO RETENTION ARRANGEMENTS WITH EMPLOYEES WHO ARE EXPECTED TO REMAIN WITH COMPANY

* MILLENDO THERAPEUTICS INC - OWENS WILL REMAIN ON BOARD AND SERVE IN AN ADVISORY ROLE AS EXECUTIVE CHAIR OF BOARD, EFFECTIVE FEBRUARY 1

Source text for Eikon: [ID: Further company coverage:

((Reuters.Briefs@thomsonreuters.com;))

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