Crescita Therapeutics Expects to Complete Leipzig Office Closure in the Third Quarter of 2016; Henrich Guntermann Resigns as President, Europe and Autoimmune Group
The company provided an update on the wind-down of its Immunology Group. Effective July 11, 2016, the company sold its manufacturing facility based in Germany that produces the active ingredient in WF10 and Oxoferin and the intellectual property related to WF10 to Dr. Friedrich-Wilhelm Kuehne, the inventor of WF10 for nominal proceeds. This divestiture is part of the company's plan to reduce its cash burn. As part of this initiative, Dr. Henrich Guntermann, Crescita's President, Europe and Autoimmune Group, who was responsible for all Immunology Group activities, has resigned from his current position at Crescita. Dr. Guntermann will retain his position on Crescita's Board of Directors.