AMTI - Applied Molecular to prioritize resources on lead clinical programs reduce workforce

Applied Molecular Transport (NASDAQ:AMTI) stock has lost 5.2% to $4.05 in Wednesday morning trade, after the clinical-stage biopharmaceutical company said it would prioritize its resources on its lead clinical programs, reduce its workforce and change up its management team. AMTI to prioritize the advancement of its oral fusion AMT-101 into late-stage clinical programs. This would include preparations to advance AMT-101 to a phase 3 trial for the treatment of chronic pouchitis, which is an inflammation that occurs in the lining of a pouch created during surgery to treat ulcerative colitis. AMTI will also evaluate the next steps for its other oral fusion AMT-126. The company said the prioritization of resources will lead to a reduction in its workforce by about 40% to 81 full-time employees, with a one-time charge primarily related to severance to be recorded in Q2. AMTI also said Brandon Hants will assume the role of CFO, Shawn Cross will

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Applied Molecular to prioritize resources on lead clinical programs, reduce workforce