Talaris Therapeutics rises on further job cuts; CEO exits

Tourmaline Bio

14/04/2023 23:30

** Shares of cell therapy co Talaris Therapeutics Inc
 TALS.O  rise 5.38% to $2.04 after the bell
    ** Co further terminates 80 additional employees or about
95% of remaining workforce
    ** Estimates the job cuts to be completed by May 26 
    ** Adds president and CEO Scott Requadt will leave the co,
effective May 26 
    ** In Feb, TALS said it will reduce its workforce by nearly
one-third as part of restructuring plan
    ** Estimates to incur cash-based severance and other costs
of ~$5.8 million in Q2 2023, relating to job cuts in April;
total to reach ~$8.7 million when combined with the initial
rounds of terminations  
    ** Stock up ~90% YTD

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