January 12, 2017 / 9:41 PM / 6 months ago

BRIEF-Nivalis therapeutics announces corporate restructuring

2 Min Read

Jan 12 (Reuters) - Nivalis Therapeutics Inc

* Nivalis Therapeutics announces corporate restructuring

* Nivalis Therapeutics Inc says intends to complete a reduction in force affecting 25 employees

* Nivalis Therapeutics Inc - Board of directors has approved a restructuring plan as part of company's initiative to explore strategic alternatives

* Says estimates that it will incur cash severance costs of approximately $3 million

* Nivalis Therapeutics - Co estimates it will incur cash severance costs of approximately $3 million, which are expected to be paid during first half of 2017

* Nivalis Therapeutics Inc says Congleton will be stepping down from his role as president and chief executive officer effective January 15, 2017

* Says reduction in force is intended to preserve company's cash while it assesses various strategic alternatives

* Nivalis Therapeutics - Co currently projects that it will have approximately $45-$47 million of net cash available for potential strategic transaction

* Nivalis Therapeutics - Reduction in workforce includes Jon Congleton, president & CEO, and David Rodman, M.D., chief medical officer

* Board has appointed Michael Carruthers, co's chief financial officer, as interim president, effective Jan 15, 2017 Source text for Eikon: Further company coverage:

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