Alector gains after plans to cut about 11% workforce
29/03/2023 22:10
** Shares of drug developer Alector Inc ALEC.O rise ~2% to
$6.44 after market
** Company says it plans to reduce workforce by ~11%, or 30
employees
** One-time restructuring charges related to workforce
reduction are expected to be ~$2.2 mln - ALEC
** Reduction in workforce is expected to be completed during
H1 of 2023, says company
** Alector had 273 employees as of Dec. 31, according to
latest 10k filing
** Existing cash, cash equivalents and investments enable to
fund operating expenses and capital expenditure requirements
through 2025 - ALEC
** As of last close, shares down ~32% this year
(Reporting by Raghav Mahobe)
((Raghav.Mahobe@thomsonreuters.com;))