New chief at OvaScience; 50% of jobs cut; shares down 3% after hours

|By:, SA News Editor

OvaScience (NASDAQ:OVAS) appoints Christopher Kroeger, M.D., MBA, as CEO effective September 1 replacing Michelle Dipp, M.D., Ph.D., will transition to an advisory role. He joins the firm from Cardioxyl Pharmaceuticals where he was CEO.

Concurrently, the company will reduce its workforce by ~50% which will enable it to extend its cash runway into Q1 2020. Also, CFO Christophe Couturier will step down, succeeded by VP of Finance Jonathan Gillis.

2017 guidance update: cash consumption from operations will be lower than planned. Current resources should be sufficient to fund operations into Q1 2020.

Shares are down 3% after hours on light volume.

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