Brief: Instil Bio Board Approves An Expansion Of Its Previously Announced Realignment Plan

Instil Bio

01/02/2023 23:32

Feb 1 (Reuters) - Instil Bio Inc  TIL.O :
    * ON JANUARY 30, 2023, BOARD APPROVED AN EXPANSION OF ITS
PREVIOUSLY ANNOUNCED REALIGNMENT PLAN
    * APPROVED EXPANSION OF ITS REALIGNMENT PLAN IMPLEMENTING
STRATEGIC PRIORITIZATION OF CO'S PRECLINICAL, CLINICAL
DEVELOPMENT PROGRAMS
    * WILL EXTEND PREVIOUSLY ANNOUNCED U.S. REDUCTION IN FORCE,
RESULTING IN TEAM OF ABOUT 15 IN UNITED STATES TO LEAD GLOBAL
BUSINESS OPERATIONS
    * REDUCTION IS EXPECTED TO BE SUBSTANTIALLY COMPLETED IN
APRIL
2023
    * IN CONNECTION WITH PLAN, COMPANY ESTIMATES THAT IT WILL
INCUR
AGGREGATE RESTRUCTURING COSTS OF UP TO $3.0 MILLION
    * IN CONNECTION WITH PLAN, EXPECTS TO TRANSITION CLINICAL
MANUFACTURING, TRIAL OPERATIONS OF ITIL-306 TO ITS OPERATIONS IN
UNITED KINGDOM

Further company coverage:  TIL.O 
 ((Reuters.Briefs@thomsonreuters.com))