Vyant Bio announced that on January 31 its Board of Directors determined it was appropriate to conduct a reduction in force as soon as practical so as to preserve cash to allow the Company, through its advisors including LifeSci Capital, to continue to pursue satisfactory strategic alternative transactions and/or execute an orderly wind down of the Company, if necessary. John A. Roberts, President and CEO and Robert T. Fremeau, Jr. Chief Scientific Officer agreed in principle with the Company to step down from their respective positions, effective as of February 3 to preserve cash for the execution of an orderly wind down process. Roberts will remain a member of the Board of Directors of the Company. The Company’s Board of Directors has appointed Andrew D. C. LaFrence, currently the Company’s CFO, to assume the position of President and Chief Executive Officer to lead the Company through this period of transition. The Company’s decision to potentially pursue other strategic alternatives to unlock material value is based on its belief that its stock price does not reflect the fundamental value of the business. On January 4 the Company announced it had engaged LifeSci Capital to assist the Board in evaluating potential strategic options.
Published first on TheFly
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