Chelsea Therapeutics (NASDAQ:CHTP) announced today that CEO Simon Pedder will leave the company as the Board explores strategic options, with the objective of “optimizing long-term stockholder value”. The Board plans to significantly reduce the company’s headcount, retaining only those employees necessary to obtain FDA approval of Northera for the treatment of symptomatic neurogenic orthostatic hypotension (NOH) in patients with primary autonomic failure. CHTP is stopping patient enrollment in its ongoing 306b study, and plans to release results for patients enrolled thus far by year-end. With approximately $0.77 per share in cash, the current stock valuation is discounting in about $30 million for Northera, a Phase III asset with one successful study and a significant clinical efficacy and safety database. Until any strategic plans are known, however, the shares are likely to trade in its current range. Results for the 306b study, which has enrolled over 150 patients, could be stock-moving when they are announced.