Biomx Inc rallies on plan to cut headcount by 50%

Tessera Defense and Homeland Security

24/05/2022 13:22

** Drug developer's shares  PHGE.K  jump 15% premarket to
$0.92, set for best session in seven months
    ** Co intends to reduce headcount by 50% to extend capital
resources, cash expected to last at least till mid-2024 compared
with end 2023 as per previous update  urn:newsml:reuters.com:*:nFWN2XF15C
    ** Flags atopic dermatitis program will be delayed due to
restructuring, but cystic fibrosis program remains on track with
initial data from early stage study expected in Q3 
    ** Stock down 50% YTD as of last close

 (Reporting by Susan Mathew)
 ((susan.mathew@thomsonreuters.com))