The Cleveland biotechnology company said it will 'evaluate alternative financing options to support continuing operations' following an announcement of the termination of its $100 million equity purchase agreement with Aspire.
The Cleveland-based regenerative medicine company, which is undertaking cost-cutting and restructuring efforts, cut the size of the board of directors in half ahead of the annual meeting of shareholders. That meeting will take place on Thursday, July 28.
The Cleveland-based regenerative medicine company is moving the meeting back by about six weeks, to July 28, as it considers implementing a reverse stock split and makes changes to its board of directors.
The Cleveland-based regenerative medicine company also is making changes to its executive team in a restructuring plan that it said is designed to 'reduce costs and prioritize lead clinical programs.'