AGLE - Aeglea Bio announces departure of CEO corporate restructuring

• Aeglea BioTherapeutics ( NASDAQ: AGLE ), a biotech focused on rare metabolic diseases, announced Wednesday that the company’s current President, Chief Executive, and director of the board, Anthony Quinn, would step down with immediate effect.
• The leadership transition comes alongside a plan for corporate restructuring to focus on developing the recombinant human enzyme AGLE-177 for patients with Homocystinuria, a rare inherited disorder of metabolism.
• Jim Kastenmayer, AGLE’s current general counsel, will take over as interim president and CEO as the company begins a corporate search for a permanent replacement.
• Meanwhile, Chief commercial officer Michael Hanley has also been named chief business officer with additional responsibilities for internal business operations.
• The company expects to extend its cash runway into Q4 2023 with corporate restructuring, which includes a nearly 25% reduction of its headcount during the year.
• Additional cost savings are expected from transitioning patients from its ongoing extension studies for lead asset pegzilarginase in Arginase 1 Deficiency as the company engages with the FDA about its future regulatory path.

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