Turnstone rises as company cuts job, changes executives

Turnstone Biologics

11/10/2024 12:34

** Shares of drug developer Turnstone Biologics  TSBX.O  up
3.79% at 47 cents in premarket trading
    ** Co announces restructuring to focus on its early-stage
trial program TIDAL-01, announces job cuts and leadership
changes
    ** TIDAL-01 is currently being evaluated in multiple trials
including patients with colorectal cancer, head and neck cancer,
and uveal melanoma
    ** Co to cut employee headcount by about 60%, expects
one-time severance-related charge to be about $2.3 mln
    ** Cost savings expected to extend cash runway into Q2 2026
    ** Leadership changes include retirement of interim CMO
Michael Burgess, CFO Venkat Ramanan to step down 
    ** As of last close, TSBX down 82.16% YTD
    
    
    
    
    
    
    
    
    
    
    

 (Reporting by Khusbu Jena in Bengaluru)
 ((Khusbu.Jena@thomsonreuters.com;))