Gemphire Therapeutics Inc. (NASDAQ:GEMP) reported change of -4.18% to $2.29 with the recent traded volume of 370704 shares in most recent trading session compared to an average volume of 1195.84K. The stock was changed with 4.09% over last five days period.
The one month performance of stock was noted at 52.67%. GEMP’s shares are moving at -61.45% for the quarter and managed a -76.82% return over the course of the past year and is now at -71.18% since this point in 2018.
Gemphire Therapeutics Inc. (NASDAQ:GEMP) , a clinical-stage biopharmaceutical company focused on developing and commercializing therapies for cardiometabolic disorders, including dyslipidemia and nonalcoholic steatohepatitis (NASH), announces today that its Board of Directors has approved a workforce reduction in order to reduce costs and conserve cash resources. This decision was made in light of the previously announced request by the Food and Drug Administration (FDA) for additional pre-clinical data required in order to schedule an End of Phase 2 meeting for gemcabene in the Company’s target dyslipidemia indications.
The workforce reduction includes five employees, which represent approximately 33% of the Company’s workforce, as of September 18, 2018. Two of the five employees include Jeffrey S. Mathiesen, the Company’s Chief Financial Officer, and Lee Golden, the Company’s Chief Medical Officer. Mr. Mathiesen and Dr. Golden each depart in good standing with the Company. Mr. Mathiesen has agreed to act as a consultant to Gemphire for a period of eight months, to provide advice on certain financial and accounting matters. Effective September 18, 2018, the Board designated Dr. Steven Gullans, the Company’s President and Chief Executive Officer, as the principal financial officer and principal accounting officer of the Company.
“The workforce reduction is a necessary action to conserve capital. We remain confident in the potential value of gemcabene as a breakthrough therapy for dyslipidemia and are committed to working with the FDA to complete the necessary steps to lift the partial clinical hold,” said Steven Gullans, Ph.D., CEO of Gemphire. “We appreciate the contributions and efforts of the employees affected by this decision and thank them for their dedicated service.”
GEMP stock changed at -63.50% distance from its 200-day moving average. On a similar note, the stock marked distance of -40.32% from its 50-day moving average and moved 22.49% away from its 20-day moving average. The average volatility for the week and month was at 11.23% and 15.63% respectively. The company holds 13.6 million shares outstanding and 9.42 million shares are floated in market.
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