Avadel down 24% premarket on restructuring

|About: Avadel Pharmaceuticals... (AVDL)|By:, SA News Editor

Thinly traded micro cap Avadel Pharmaceuticals (NASDAQ:AVDL) is down 24% premarket on light volume on the heels of its announced corporate restructuring that includes a 50% reduction in headcount.

The downsizing, expected to save $50M - 75M in operating costs this year, will allow it to focus its resources on pushing late-stage candidate FT218 over the finish line. The bulk of the savings, $55M - 60M, will come from dropping NOCTIVA which has underperformed since launch.

The company's quick asset balance was ~$100M at year-end 2018.

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