Theseus Pharma gains on plans to explore strategic alternatives, job cuts

Theseus Pharmaceuticals

13/11/2023 22:49

** Shares of drug developer Theseus Pharmaceuticals  THRX.O 
rise 33% to $2.84 aftermarket
    ** THRX says it is exploring strategic alternatives,
including potential sale of the company or its assets, or a
merger, among others
    ** THRX also implements workforce reduction of about 72% as
part of the strategic process
    ** Company had 38 full-time and part-time employees as of
Feb. 28, 2023, according to a regulatory filing
    ** Earlier this year, THRX had terminated development of its
experimental drug to treat stomach cancer after two drug-related
toxicities were identified in a study
    ** Company had cash and equivalents of $225.4 mln, as of
Sept. 30 
    ** As of last close, stock down ~57% YTD

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))