Cargo Therapeutics hits record low on cancer drug trial halt

CARGO Therapeutics

30/01/2025 15:47

** Shares of drug developer Cargo Therapeutics  CRGX.O  fall
77.4% to record low of $2.99 
    ** On Wednesday, CRGX said it is stopping a mid-stage trial
for cancer treatment
    ** Trial was stopped due to serious side effects in some
patients, including a severe inflammatory condition - CRGX
    ** CRGX has $368.1 million in cash and expects it to last
until mid-2028
    ** CRGX also said it is reducing its workforce by about 50%
    ** As of Sept. 30, 2024, co had 170 full-time employees -
SEC filing
    ** CRGX fell 36.5% in 2024

 (Reporting by Kamal Choudhury in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com;))