Aclaris Therapeutics, Inc. (NASDAQ:ACRS) Files An 8-K Costs Associated with Exit or Disposal Activities
Item 2.05
Aclaris Therapeutics, Inc. (NASDAQ:ACRS) Files An 8-K Costs Associated with Exit or Disposal Activities
On September 5, 2019, Aclaris Therapeutics, Inc. (the “Company”) announced the completion of a strategic review of its business, as a result of which the Company will refocus its resources on its immuno-inflammatory development programs and actively seek commercialization partners for its commercial products business. In order to streamline operations and reduce costs, the Company also announced a plan to reduce its workforce by terminating 86 employees, which the Company expects to be completed over the next six months. On September 3, 2019, the Company’s Board of Directors approved these actions, which were effective immediately. As a result, the Company expects to incur a one-time charge totaling approximately $2.0 million in connection with one-time employee termination costs, including severance and other benefits. This charge is expected to be incurred during the quarter ending September 30, 2019. In addition, an estimated charge between $1.0 million and $1.5 million is expected to be incurred for retention benefits and other related charges over the next six months. In total, this restructuring plan is estimated to cost between $3.0 million and $3.5 million over the next six months, excluding non-cash charges, with related cash payments expected to be substantially paid out by March 31, 2020.
The estimates of costs that the Company expects to incur and the timing thereof are subject to a number of assumptions and actual results may differ.
The Company issued a press release on September 5, 2019 announcing the Company’s new strategic direction, a copy of which is furnished hereto as Exhibit 99.1 and is incorporated herein by reference.
In accordance with General Instruction B.2. of Form 8-K, the information in this Item 7.01 and Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any incorporation language in such a filing, except as expressly set forth by specific reference in such a filing.
Aclaris Therapeutics, Inc. Exhibit
EX-99.1 2 ex-99d1.htm EX-99.1 acrs_ex_99.1 Exhibit 99.1 ACLARIS THERAPEUTICS ANNOUNCES NEW STRATEGIC DIRECTION · Completion of Strategic Review and Refocusing of Resources on Immuno-Inflammatory Development Pipeline · Actively Seeking a Commercialization Partner for RHOFADE® (oxymetazoline hydrochloride) cream,…
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About Aclaris Therapeutics, Inc. (NASDAQ:ACRS)
Aclaris Therapeutics, Inc. is a United States-based clinical-stage specialty pharmaceutical company. The Company is focused on identifying, developing and commercializing drugs to address the needs in dermatology. Its lead drug candidate, A-101 Topical Solution, is a hydrogen peroxide topical solution that the Company is developing as a prescription treatment for seborrheic keratosis (SK). It has completed approximately three Phase II clinical trials of A-101. It has initiated over two multi-center, double blind Phase III clinical trials and an open label Phase III clinical trial of A-101 in patients with SK. It also intends to develop A-101 as a prescription treatment for common warts, also known as verruca vulgaris, and A-102, a gel dosage form of hydrogen peroxide, as a prescription treatment for SK and common warts. It has initiated a Phase II clinical trial to evaluate A-101 for the treatment of common warts.
