- Nektar Therapeutics (NASDAQ: NKTR) announced a new strategic plan to prioritize key research and development efforts and cut 70% of its workforce, including several changes to its executive team.
- Dimitry Nuyten, Nektar's Chief Medical Officer, will step down from his position following June 2022. He will be succeeded by Brian Kotzin, Nektar's Head of Immunology.
- In June, John Northcott, Nektar's Chief Commercial Officer, who led the pre-commercialization activities for BEMPEG, will depart the Company but will remain as a strategic consulting advisor to the Company through the end of 2022.
- Nektar also announced that it is implementing a cost restructuring plan, extending the Company's cash runway into the first half of 2025.
- Related: Read Why Did Bristol Myers and Nektar End $3.6B Immuno-Oncology Program.
- After accounting for BEMPEG wind-down and restructuring costs, Nektar expects to end the year with approximately $440 million - $450 million in cash and investments.
- The Company expects to take charge of $150 million - $160 million, a substantial portion of which will be recorded in Q2.
- Price Action: NKTR shares are down 6.46% at $4.42 during the market session on the last check Tuesday.
Read at Benzinga