Surface Oncology posts quarterly loss; shares down and reports lay-offs

Surface Oncology

02/11/2022 14:34

** Shares of drug developer Surface Oncology Inc  SURF.O 
fall 7.95% to $1.24
    ** Co reports strategic decision to pause internal
development of cancer therapy SRF617 to focus efforts on SRF388
and SRF114 oncology pipeline programs 
    ** Also posted adj. quarterly loss of 39 cents, 5 cents
higher than a year earlier and reported $0 revenue vs average
analyst estimates of $80 thousand - Refinitiv IBES
    ** Co's shares had risen by 29.8% this quarter and lost
71.8% so far this year 
    ** SURF as a part of the organizational restructuring to
reduce workforce by nearly 20% 
    ** Including session's fall, stock down 74% YTD
 (Reporting by Pratik Jain)
 ((Pratik.Jain@thomsonreuters.com))