AMTI - Applied Molecular Transport exploring strategic options; cutting 57% of staff

2023-03-27 16:34:02 ET

• Applied Molecular Transport ( NASDAQ: AMTI ) is seeking strategic alternatives, and as part of a restructuring, has laid off ~57% of its workforce.
• The biopharma has hired MTS Health Partners as an advisor.
• Prior to the announcement after Monday's close, the stock dropped 12% .
• Tahir Mahmood is leaving as CEO, but will remain as a board member. President and COO Shawn Cross is becoming CEO, and will also serve as board chairman.
• The company is also pausing its R&D efforts. This includes potentially ending a phase 2 trial of AMT-101 in rheumatoid arthritis at its current enrollment.
• Seeking Alpha's Quant Rating views Applied Molecular Transport ( AMTI ) as a hold.

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