Cancer test maker Grail rises on job cuts

Grail

14/08/2024 12:30

** Shares of cancer diagnostic test maker Grail  GRAL.O 
rise 11% to $17.60 premarket 
    ** Grail late on Tuesday said it has cut existing headcount
and planned hires for 2024 by about 30%, or about 350 existing
jobs, as part of a restructuring plan 
    ** Says co plans to focus on development of its flagship
cancer-detection test Galleri and substantially reduce
investment in product programs beyond Galleri  
    ** Galleri is a blood test designed to detect more than 50
types of cancer and currently sold only in the U.S.
    ** Grail expects cost reductions to extend its existing cash
runway from the second half of 2026 into 2028 and reduce its
burn in 2025 to $325 million
    ** Up to last close, stock down 9.6% since debut in June

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))