Assembly Biosciences to cut staff, shares up
21/07/2022 12:46
** Shares of hepatitis B-focused biotech Assembly
Biosciences Inc ASMB.O climb 5.1% to $2.28 premarket
** ASMB says it will reduce its workforce by ~30% to about
70 full-time employees urn:newsml:reuters.com:*:nGNX1PYXHM
** Says it will also discontinue clinical development of
first-gen core inhibitor vebicorvir (VBR), its investigational
treatment for hepatitis B virus which was in two mid-stage
trials, to focus on its next-gen candidates
** Decision to discontinue VBR development was based on
interim data from ongoing clinical studies
** Layoffs and clinical shift are part of a restructuring to
extend cash runway into H1 2024
** CFO Michael Samar to leave co on Aug. 12, chief medical
officer Luisa Stamm to resign at the end of July
** ASMB estimates to incur costs of $1.6 mln related to
severance by Q4; amount excludes separation benefits for
executive resignations urn:newsml:reuters.com:*:nFWN2Z174L
** Stock down 6.9% this year, as of Wednesday
(Reporting by Ruhi Soni in Bengaluru)
((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))