MTCR - Metacrine to reduce ~50% staff discontinues HSD program; cleared for MET642 phase 2 trial

Metacrine (NASDAQ:MTCR) is undertaking restructuring, which includes a staff reduction of ~50% primarily consisting of its research organization. Asa results, the company has also discontinued preclinical development of its hydroxysteroid dehydrogenase (HSD) program. The company said the restructuring is being carried out to support ongoing development of MET642 in inflammatory bowel disease (IBD). Metacrine added that it received authorization from the U.S. Food and Drug Administration (FDA) to proceed with a phase 2 trial evaluating MET642 in patients with IBD, and expects to begin the study in H1 2022. The company also remains on track to begin a phase 2 trial in ulcerative colitis. As of Dec. 31, 2021, cash, cash equivalents and short-term investments were $76.4M. Metacrine believes it has sufficient capital to fund its current operating plan through 2023. In October 2021, the company announced an end to its FXR program for non-alcoholic steatohepatitis (NASH) and planned to focus

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Metacrine to reduce ~50% staff, discontinues HSD program; cleared for MET642 phase 2 trial