Kineta Inc to explore strategic alternatives, shares fall

Kineta

29/02/2024 15:45

Feb 29 (Reuters) -    ** Shares of biotech co Kineta
Inc  KA.O  fall 36.73% to record low of $1.43
    ** Co says it will explore strategic alternatives, including
potential sale of the company or its assets 
    ** Adds will stop enrollment in early-stage study testing
its experimental cancer therapy  
    ** Patients currently enrolled in the trial will be allowed
to continue to participate in the study- KA 
    ** Co to cut its workforce by about 64% or 7 positions,
including its CEO Shawn Iadonato 
   ** Says it has made this decision as some investors have
indicated they will not fulfill their funding obligations 
    ** Including session moves, stock has fallen 77.6% in the
last 12 months 

 (Reporting by Sneha S K)
 ((Sneha.SK@thomsonreuters.com;))