Finch Therapeutics to Cut 20% of Staff in Restructuring
April 19 2022 - 9:27AM
Dow Jones News
By Colin Kellaher
Finch Therapeutics Group Inc. on Tuesday said it plans to cut a
fifth of its work force as the clinical-stage microbiome
therapeutics company narrows its focus on key development
programs.
The Somerville, Mass., company said the move follows the U.S.
Food and Drug Administration's recent clinical hold on studies of
CP-101, its lead product candidate, and its decision to pause its
chronic hepatitis B program.
Finch said it expects cut 37 full-time employees, or about 20%
of its staff, resulting in restructuring costs of about $1.1
million.
Finch said it plans to focus its financial resources on its
development programs in recurrent C. difficile infection and autism
spectrum disorder, as well as its partnership with Takeda
Pharmaceutical Co. on inflammatory bowel disease.
Finch said it recently submitted a complete response to the FDA
regarding the clinical hold, which is related to the company's
SARS-CoV-2 donor screening protocols and associated informed
consent language, and that it is awaiting feedback.
Finch said it plans to provide updated guidance on the expected
extension of its cash runway as a result of the restructuring when
it reports its first-quarter results.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 19, 2022 09:12 ET (13:12 GMT)
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