GRPH - Graphite Bio stock up 19% despite 50% workforce reduction
- Graphite Bio ( NASDAQ: GRPH ) would reduce the company’s workforce by ~50% as a part of corporate restructuring and will reduce cash burn.
- The company has decided to discontinue further development of nulabeglogene autogedtemcel (nula-cel) for sickle cell disease and to initiate a process to explore a range of strategic alternatives.
- “We believe that gene correction is the optimal way to treat sickle cell and many other genetic diseases. However, after an extensive assessment of the nula-cel program, we made the difficult decision to discontinue nula-cel development based on the time and resources needed to resume the CEDAR study and the evolving treatment landscape for sickle cell disease,” said Josh Lehrer, M.D., M. Phil., CEO.
- Stock is trading 19% higher on Wednesday after market close.
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Graphite Bio stock up 19% despite 50% workforce reduction