Medicines Co. (NASDAQ:MDCO) +8% premarket after reporting a smaller than expected Q3 loss and announcing plans to restructure the company, including laying off more than 85% of its workforce.
MDCO says the restructuring, which it plans to substantially implement within the next 45 days, will cut headcount to fewer than 60 people.
MDCO also expects to announce a sale of its infectious diseases business before the end of the year, which combined with the restructuring should allow it to aggressively advance the development program for its inclisiran drug candidate to anticipated readout of final data from Phase III LDL-C lowering trials in H2 2019.
Inclisiran is used for the treatment of hypercholesterolemia.
Read the full article at: https://seekingalpha.com/news/3303812-medicines-co-plus-8-percent-restructuring-planned-sale-infectious-drug-business