Aeon announces strategic resource reprioritization, cuts workforce by 55%

AEON Biopharma announced a strategic reprioritization and cost reduction plan as the Company evaluates all financing options to support next steps across its late-stage clinical pipeline for ABP-450 that targets multiple indications. The Company’s actions are expected to be sufficient to extend its cash runway into the fourth quarter of 2024. As part of the cash preservation strategy, AEON has reduced its workforce by approximately 55%. This includes the Company’s termination of Peter Reynolds as the CFO, principal financial officer and principal accounting officer, effective as of May 17, 2024. Concurrently, the Board appointed Mr. Forth as principal financial officer and Jennifer Sy, the Company’s corporate controller, as principal accounting officer, each effective as of May 17, 2024. Mr. Forth and Ms. Sy will continue in their prior roles. These cost reduction actions will also include efforts to reduce additional operating costs and are expected to be substantially completed by June 2024.