Editas Medicine tumbles more than 7% after announcing job cuts, restructuring
Editas Medicine Inc. [s: edit] is cutting approximately 20% of its workforce. The company reported 1,800 employees as of May 31, according to its annual report. In a statement released Monday Editas said the move will extend its cash runway into 2025. Editas' stock fell 7.7% Monday, compared with the S&P 500 Index's [s: spx] gain of 1.3%. Editas said the cuts are part of a strategic reprioritization that includes focusing resources on EDIT-301, Editas' clinical program for the treatment of severe sickle cell disease and transfusion-dependent beta thalassemia, a blood disorder that reduces production of hemoglobin. The gene editing company is also discontinuing internal investments in its inherited retinal disease programs and its wholly-owned multiplexed edited induced pluripotent stem cell derived natural killer cell programs. Additionally, Editas is restructuring its research organizations into two divisions and says it will continue advancing its cellular therapy assets through partnerships. This includes development of alpha-beta T-cell medicines with Bristol-Myers Squibb Co. [s: bmy] and gamma-delta T-cell medicines with Immatics N.V. [: imtx]. Editas also announced that Chief Scientific Officer Mark S. Shearman is stepping down from his role and will depart the company March 31. Editas has begun a search for a new CSO, the company said.
(END) Dow Jones Newswires
January 09, 2023 11:55 ET (16:55 GMT)
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