MGTA - Magenta Therapeutics prioritizes operational spending on MGTA-117 program cuts workforce

Clinical-stage biotech company Magenta Therapeutics (NASDAQ:MGTA) on Thursday said it would prioritize its operating plan to focus its capital allocation on its MGTA-117 targeted conditioning program. The company said the revised operating plan reduces Magenta's workforce by 14% and allows it to extend its cash runway into Q2 2024. The company's decision is based on encouraging early data and progress in the MGTA-117 phase 1/2 targeted conditioning clinical trial in patients with relapsed/refractory acute myeloid leukemia and myelodysplasia-excess blasts. "Due to both its early positive experience with the MGTA-117 clinical trial and in response to the uncertain capital market environment for biotechnology companies, Magenta recognizes the need for an increased focus on MGTA-117 while also de-prioritizing other portfolio investments," the company said. Magenta will pause certain investments in its MGTA-145 stem cell mobilization and collection program, including a planned MGTA-145 dosing and optimization clinical trial.

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Magenta Therapeutics prioritizes operational spending on MGTA-117 program, cuts workforce