Regado Announces Job Cuts - Quick Facts

(RTTNews) - Regado Biosciences Inc (RGDO), Wednesday announced a reduction of its workforce of about 60%, or 20 employees, across all operational sites.

As a result of the workforce reduction, the company projects restructuring charges in the third and fourth quarter of 2014 of about $2 million in connection with one-time employee termination costs and facility shut down expenses.

Regado expects that the reduction in workforce, coupled with the termination of expenses associated with its REGULATE-PCI clinical trial, will decrease annualized cash expenditures significantly.

Based on REGULATE-PCI trial closing and data analysis charges incurred to date, Regado projects a cash balance of about $61 million at the end of the third quarter of 2014 with final trial closing costs and ongoing operational costs impacting the projected cash balance for the end of 2014.

Going forward, Regado will focus resources on the following principal activities: completion of final closure of the REGULATE-PCI trial and analysis of the unblinded database (expected in the fourth quarter of 2014), and diligence activities associated with thoroughly exploring potential business alternatives.