TREVENA,INC. (NASDAQ:TRVN) Files An 8-K Results of Operations and Financial Condition

ME Staff 8-k
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TREVENA,INC. (NASDAQ:TRVN) Files An 8-K Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition.

The information under this caption and contained in the press release attached hereto as Exhibit99.1 is furnished by Trevena,Inc. (the “Company”) in accordance with Securities Exchange Commission Release No.33-8216. This information shall not be deemed “filed” for purposes of Section18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act whether made before or after the date of this Current Report, except as shall be expressly set forth by specific reference in such a filing.

OnOctober11, 2017, the Company issued a press release announcing its cash and cash equivalents and marketable securities balance as ofSeptember30, 2017. A copy of the press release is furnished hereto as Exhibit99.1 and incorporated herein by reference.

Item 2.02 Costs Associated with Exit or Disposal Activities.

On October11, 2017, management of the Registrant, upon the approval of the Board of Directors of the Company, announced a restructuring and reduction in force (the “Restructuring”) of approximately 30% of its workforce, or 21 employees, as well as other cost saving initiatives intended to lower the Registrant’s annualized net operating cash burn. The Restructuring has been completed as of October13, 2017.

The Registrant has determined that the total costs related to the Restructuring are estimated to be up to approximately $2.0 million, of which approximately $1.7 million will result in future cash outlays primarily related to severance costs and related expenses. The remaining costs are expected to be non-cash charges associated with the write-off of laboratory equipment, among other things. The Registrant expects to record these charges in the fourth quarter of 2017.

Item 2.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) In connection with the Restructuring, Michael W. Lark, Ph.D., the Company’s Senior Vice President, Research and Chief Scientific Officer, will depart from the Registrant, effective as of December15, 2017.

Item 2.02 Other Events.

On October11, 2017, the Company issued a press release announcing the Restructuring. A copy of the press release is furnished hereto as Exhibit99.1 and incorporated herein by reference.

Item 2.02. Financial Statements and Exhibits.

(d) Exhibits

Number

Description

99.1

Press Release dated October11, 2017


TREVENA INC Exhibit
EX-99.1 2 a17-23920_1ex99d1.htm EX-99.1 Exhibit 99.1   Trevena Announces Restructuring to Focus Resources on Commercial Strategy   — Initiative streamlines operations to focus on approval and commercial launch of OLINVO™ (oliceridine injection) and significantly reduces operating expenses —   — New Drug Application for OLINVO remains on track for submission in October —   CHESTERBROOK,…
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About TREVENA,INC. (NASDAQ:TRVN)

Trevena Inc. is a clinical-stage biopharmaceutical company. The Company discovers, develops and intends to commercialize therapeutics that use an approach to target G protein coupled receptors (GPCRs). Using its product platform, the Company has identified and advanced three differentiated product candidates: Oliceridine (TRV130), TRV027 and TRV250. Its TRV130 is a Mu-receptor G protein Pathway Selective (Mu-GPS) modulator that activates G protein. Its TRV250 is a small molecule G protein biased ligand of the d-opioid receptor in preclinical development. Its TRV734 is a small molecule Mu-GPS that it has discovered and has developed through Phase I as a first-line, orally administered compound for the treatment of moderate to severe acute and chronic pain. Its TRV027 is a peptide b-arrestin biased ligand that targets the angiotensin II type 1 receptor (AT1R). In addition to these three product candidates, the Company has identified and has completed the Phase I program for TRV734.