Item 2.05 Costs associated with eviction or disposal activities.
upon December 12, 2022Board of Directors (“Board of Directors”) Axela Health Co., Ltd. Doing business as “Axcella Therapeutics” (the “Company” or “Axcella”) is re-prioritizing its COVID-19 long-term fatigue and non-alcoholic steatohepatitis (NASH) program and developing a streamlined set of priorities Approved the restructuring of operations to support As part of this restructuring, the Board of Directors has authorized a reduction of approximately 85% of the Company’s workforce.
Robert Craneour Chief Financial Officer, and Virginia Deanour Senior Vice President, Chief People Officer It was each part of the power reduction. Headcount reductions are aimed at maximizing opportunities available to Axela as the Board considers strategic alternatives to maximize shareholder value, control costs and conserve cash resources It is a means for
Our company is up to $2.1 million It is expected to consist of employee severance and other restructuring-related charges and expenses related to workforce reductions in the fourth quarter of 2022. Our management will continue to reassess the estimated costs and expenses described above and may revise our restructuring charge estimates as necessary consistent with generally accepted accounting principles.
Item 5.02 Retirement of Directors or Certain Officers. election of directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
As part of the force reduction, Robert Craneour chief financial officer and principal financial officer, and Virginia Deanour Senior Vice President, Chief People Officer effectively resign from their position December 14, 2022.
Section 7.01 Regulation FD Disclosure.
upon December 14, 2022, the company issued a press release, “Accela Announces Program Reprioritization and Corporate Restructuring.” The press release is attached to this present report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
The information in this Section 7.01 and the attached Schedule 99.1 shall not be deemed to have been “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, nor shall such information, even if amended, be considered subject to liability under that Section. will do. Incorporated by reference into filings under the Securities Act of 1933, as amended, or the Securities Exchange Act.
Item 8.01 Other Events.
upon December 12, 2022The Board approved the immediate termination of the EMMPACT Phase 2b clinical trial of AXA1125 for the treatment of NASH, allowing Axcella to focus on AXA1125 for the treatment of Long Covid.
upon December 14, 2022the Company announced that it has reached an agreement with SLR Investment Corp. (f/k/a Solar Capital Ltd.) (“SLR”) to repay the remaining obligations under the Loan and Security Agreement. Did.
Item 9.01 Financial Statements and Materials.
(d) Exhibits.
Exhibit
Number Description
99.1 Press Release issued by Axcella Health Inc., doing business as
"Axcella Therapeutics," dated December 14, 2022
104 Cover Page Interactive Data (embedded within the Inline XBRL document)
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