CYT - Cyteir Therapeutics to prioritize development of ovarian cancer therapy reduce workforce

• Cyteir Therapeutics ( NASDAQ: CYT ) on Thursday said it would prioritize clinical development of its potential ovarian cancer therapy CYT-0851 and would reduce its workforce as part of the prioritization.
• The company said that CYT-0851 had shown encouraging preliminary clinical activity in a small group of patients in an early-stage trial.
• "In conjunction with focusing clinical activities on ovarian cancer, Cyteir is reducing headcount by approximately 70% and deferring research and development in other areas, which is expected to extend Cyteir’s cash runway into 2026," the company said in a statement .
• CYT said it would suspend all preclinical research and cease drug discovery projects focused on identifying inhibitors of DNA damage repair.
• The company added that it expects to incur charges of about $2.5M to $3M primarily in Q1 2023 for one-time employee severance and benefit costs.
• CYT stock was up 0.7% to $1.54 after hours.

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