Applied Molecular falls after shelving early-stage drugs

Applied Molecular Transport.

18/05/2022 15:30

** Shares of drug developer  AMTI.O  fall 6.8% to $3.98
    ** AMTI has traded below its 50-ADMA price for over a month
    ** Says it will pause its pre-clinical research programs and
activities and reduce its workforce by 40% to 81 employees to
focus on late-stage studies of its inflammation drug
 urn:newsml:reuters.com:*:nGNX91dRwt
    ** Also says its chief scientific officer Randy Mrsny is
stepping down 
    ** Co expects to record one-time charge related to severance
in Q2; its cost-cutting measures are expected to extend its cash
runway into 2024
    ** AMTI stock down ~71% YTD, versus ~22% fall in Nasdaq
biotech index  .NBI 

 (Reporting by Manas Mishra and Uday  Sampath Kumar)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manaswrites15))