Instil plunges after discontinuing trials, workforce reduction

Instil Bio

08/12/2022 15:57

** Shares of Instil Bio Inc  TIL.O  tumble as much as 18% to
a record of $1
    ** Co says it is discontinuing 2 of its clinical programs
targeted towards types of skin cancer, lung cancer and cervical
cancer   
    ** Co says it is prioritizing another program targeting lung
cancer, ovarian cancer and kidney cell cancer, early-stage data
from which is expected in 2023
    ** TIL reduces U.S. workforce by 60%
    ** Says reduction in workforce is aimed to re-align its
operating model from a registration-focused co to a
development-stage co
    ** Stock down 94.2% YTD
 (Reporting by Aditya Samal)
 ((Aditya.Samal@thomsonreuters.com;))