Sana down on halting heart muscle cell program, job cuts

Sana Biotechnology

30/11/2022 18:10

** Shares of gene therapy developer Sana Biotechnology Inc
 SANA.O  down 4.1% to $4.52
    ** Co late on Tuesday said it is optimizing its pipeline and
will discontinue internal investment in its program, SC187, for
heart muscle cells cardiomyocytes
    ** Co also said it will cut 15% of its workforce
    ** SANA will focus on its cancer program, SC263 and expects
to file marketing application to the U.S. FDA by 2023
    ** Brokerage BofA Global Research cuts price objective to
$13 from $15, says changes make strategic sense and will help co
 to focus that could engage investors and "bolster" stock price
    ** SANA has a cash runway until 2025 which should allow it
to transition into a clinical stage company - BofA
    ** Co had $511.6 million in cash and cash equivalents as of
Sept. 30
    ** Including session losses, stock had fallen ~71% YTD vs a
~10% decline in the Nasdaq Biotechnology index  .NBI 
 (Reporting by Sriparna Roy)
 ((Sriparna.roy@thomsonreuters.com))