Graphite Bio rises on job cuts, exploring strategic alternatives
23/02/2023 11:27
** Shares of drug developer Graphite Bio Inc GRPH.O rise
~9% to $2.4 premarket
** Co said late on Wednesday it completed a review of its
business and will initiate a process to explore strategic
alternatives
** GRPH board has decided to reduce workforce by ~50% as
part of corporate restructuring to reduce cash burn
** Expects to incur estimated severance and related costs of
about $4.9 mln, which will be recorded in Q2 2023
** Co has decided to discontinue further development of its
treatment for sickle cell disease, says is exploring potential
to continue nula-cel development externally
** As of Dec 31, 2022, co had a preliminary unaudited
~$283.5 million in cash, cash equivalents and investments in
marketable securities
** Co lost ~73% in 2022
(Reporting by Sriparna Roy)
((Sriparna.Roy@thomsonreuters.com;))