Kezar Life Sciences rises on strategic restructuring to extend financial runway

Kezar Life Sciences

03/10/2023 22:09

** Shares of drug developer Kezar Life Sciences  KZR.O 
rise 9.62% to $1.13 in extended trading
    ** Co says it has initiated a strategic restructuring to
prioritize long-term growth and focus its resources on its
clinical-stage programs
    ** The strategic realignment is expected to extend cash
runway to fund a mid-stage trial for zetomipzomib, its 
treatment for lupus nephritis, a type of kidney disease
    ** Co adds topline data expected mid-2026
    ** As of June 30, 2023, co's cash, cash equivalents and
marketable securities totaled $236.6 million 
    ** Co will reduce its workforce by about 41%
    ** Adds John Fowler will be resigning from his role as CFO
effective Nov. 7, and co-founder Christopher Kirk has been
appointed for the role
    ** Stock down ~86% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))