By Chris Wack
Editas Medicine Inc. shares were down 13% to $7.82 connected Monday aft the institution said it is undertaking a portfolio reprioritization and research-and-development realignment, which includes cutting 20% of its staff.
The banal deed its 52-week debased of $7.71 earlier successful the league and is down 35% implicit the past 3 months.
The Massachusetts clinical-stage institution said Monday that it would constrictive its absorption to programs it believes person the champion chances of technical, regulatory and commercialized success, specified arsenic hemoglobinopathies, in-vivo discovery, IRD programs and EDIT-301, its pb objective programme for the attraction of terrible sickle compartment illness and transfusion-dependent beta thalassemia. Editas would discontinue interior investments successful its inherited retinal illness programs, the institution said.
To accommodate to these narrower priorities, Editas Medicine said it is reducing its headcount by astir 20%, which is expected to widen the company's currency runway into 2025, and restructuring its probe enactment into 2 divisions.
The institution said the 2 caller probe divisions are Drug Discovery, which would absorption connected in-vivo people identification, therapeutic plus creation, and translational research, and Advanced Technology, which would absorption connected in-vivo targeted integration and targeted delivery.
Chief Scientific Officer Mark S. Shearman besides is expected to measurement down from his relation and depart the institution connected March 31. Editas Medicine said it has begun a hunt for a caller technological chief.
Write to Chris Wack astatine chris.wack@wsj.com
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