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July 30, 1996|Times Staff and Wire Reports

Chantal CFO Resigns; Firm to Relocate to Florida: The Los Angeles-based maker of wrinkle cream said its chief financial officer resigned three weeks after joining the company. Chantal Pharmaceutical Corp. also said it's relocating to Florida. Gary Burnison, who began work as CFO on July 8, quit for "personal reasons," the company said in a statement. He has already returned to work at his previous employer, Jefferies & Co., as a senior vice president. The company didn't say what city it was moving to or when the move will occur. It said the move will bring Chantal closer to its European customers and population centers in the Eastern U.S. Chantal said it will begin distribution of its Ethocyn anti-wrinkle products in Europe. Neither company executives nor the former CFO were available for comment. Chantal stock tumbled 75 cents to $3.25 on Nasdaq, a 52-week low. Chantal said it has "identified" a new CFO, but didn't disclose the name. For the nine months ended March 31, the company lost $6.9 million, or 39 cents a share, on revenue of $8.39 million. During that period, Chantal spent more to market its wrinkle cream--$9.94 million--than it took in from sales of $8.39 million. On March 14, Chantal said it would restate its fiscal first-quarter earnings, reducing them 87%, after outside auditors found that the company had overstated its revenue.

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