Editas Medicine tumbles more than 7% after announcing job cuts, restructuring - MarketWatch

Editas Medicine Inc. [s: edit] is cutting astir 20% of its workforce. The institution reported 1,800 employees arsenic of May 31, according to its yearly report. In a connection released Monday Editas said the determination volition widen its currency runway into 2025. Editas’ banal fell 7.7% Monday, compared with the S&P 500 Index’s [s: spx] summation of 1.3%. Editas said the cuts are portion of a strategical reprioritization that includes focusing resources on EDIT-301, Editas’ objective programme for the attraction of terrible sickle compartment illness and transfusion-dependent beta thalassemia, a humor upset that reduces accumulation of hemoglobin. The cistron editing institution is besides discontinuing interior investments successful its inherited retinal illness programs and its wholly-owned multiplexed edited induced pluripotent stem compartment derived earthy slayer compartment programs. Additionally, Editas is restructuring its probe organizations into 2 divisions and says it volition proceed advancing its cellular therapy assets done partnerships. This includes improvement of alpha-beta T-cell medicines with Bristol-Myers Squibb Co. [s: bmy] and gamma-delta T-cell medicines with Immatics N.V. [: imtx]. Editas besides announced that Chief Scientific Officer Mark S. Shearman is stepping down from his relation and volition depart the institution March 31. Editas has begun a hunt for a caller CSO, the institution said.