Sana Biotech to cut jobs, shares gain

Sana Biotechnology

10/10/2023 23:20

** Shares of gene therapy developer Sana Biotechnology
 SANA.O  rise 5.26% to $4 after the bell
    ** Company says it will cut 29% of its staff and focus on ex
vivo cell therapy platform
    ** Will reduce near-term investment on its fusogen platform,
which is designed for in vivo gene delivery
    ** SANA to delay submission of its application to begin
trials for its in vivo CAR T therapy SG299, but will continue
its research
    ** In vivo cell therapies help to modify immune cells inside
the body
    ** Company expects 2024 operating cash burn to be below $200
mln, allowing the current cash position to extend further into
2025
    ** SANA had cash, cash equivalents, and marketable
securities of $325.9 mln as of June 30, 2023
    ** In November last year, company halted its heart muscle
cell program and cut 15% of its workforce
    ** Stock down 3.8% YTD

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