- Current report filing (8-K)
June 09 2009 - 4:56PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13
or 15(d) of the
Securities Exchange Act of
1934
Date of Report (Date of
earliest event reported)
June 3, 2009
Adolor Corporation
(Exact name of
registrant as specified in its charter)
Delaware
|
|
000-30039
|
|
31-1429198
|
(State or other
jurisdiction
|
|
(Commission File
Number)
|
|
(IRS Employer
|
of
incorporation)
|
|
|
|
Identification
No.)
|
|
|
|
|
|
700
Pennsylvania Drive, Exton, PA
|
|
19341
|
(Address of
principal executive offices)
|
|
(Zip Code)
|
Registrants telephone
number, including area code:
(484) 595-1500
Not
Applicable
(Former name or former address, if changed since last report)
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.05
Costs Associated with Exit or
Disposal Activities
.
On June 3,
2009, management of Adolor Corporation (the Registrant), upon the approval of
the Board of Directors of the Registrant, announced a restructuring and
reduction in force (the Restructuring) of approximately 45 employees, or 28%
of its workforce, as well as other cost saving initiatives intended to lower
the Registrants annualized net operating cash burn. The Restructuring has been completed as of June 3,
2009.
The
Registrant has determined that the total costs related to the Restructuring are
estimated to be up to approximately $6.0 million, of which approximately $2.5
million will result in future cash outlays primarily related to severance costs
and related expenses. The remaining costs
are expected to be non-cash charges associated with the write-off of certain
leasehold improvements and fixed assets, among other things. The Registrant expects to record these
charges in the second quarter of 2009 in accordance with Statement of Financial
Accounting Standards No. 146,
Accounting for Costs
Associated with Exit or Disposal Activities
, and Statement of
Financial Accounting Standards No. 144,
Accounting
for the Impairment or Disposal of Long-Lived Assets
.
Item 8.01
Other
Events
.
On June 3, 2009, the
Registrant issued a press release
announcing the Restructuring. A copy of
the press release is furnished hereto as Exhibit 99.1 and incorporated
herein by reference.
Item 9.01
Financial Statements and Exhibits
.
(d)
|
Exhibits
.
|
|
|
|
|
|
Exhibit No.
|
|
Description of Document
|
|
99.1
|
|
Press Release of the
Registrant dated June 3, 2009
|
2
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, hereunto duly
authorized.
|
ADOLOR CORPORATION
|
|
|
|
|
|
|
|
By
|
/s/ John M. Limongelli
|
|
Name:
|
John M. Limongelli
|
|
Title:
|
Sr. Vice President,
General Counsel and Secretary
|
Dated: June 8, 2009
3
EXHIBIT INDEX
Exhibit No.
|
|
Description
|
|
|
|
99.1
|
|
Press Release of the
Registrant dated June 3, 2009
|
4
Adolor Corp. (MM) (NASDAQ:ADLR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Adolor Corp. (MM) (NASDAQ:ADLR)
Historical Stock Chart
From Jul 2023 to Jul 2024