- Magenta Therapeutics Inc (NASDAQ: MGTA) is cutting 14% of staff and axing a planned dosing optimization trial for a stem cell mobilization med, focused on extending its cash runway into Q2 2024.
- The cost-saving measures focus on shaving administrative expenses and new research investments, including the Company's planned dosing and administration optimization trial for the stem cell med, MGTA-145, in healthy patients.
- In its Q4 earnings release, the Company had expected data from the MGTA-145 stem cell mobilization program in 2H of 2022.
- Related: Magenta Therapeutics' Shares Gain As FDA Signs Off Blood Cancer Candidate To Enter Human Trial.
- Instead, Magenta is rallying behind MGTA-117, the lead asset in the Company's targeted conditioning program.
- "We are encouraged by our progress in the MGTA-117 clinical trial and want to proactively address our resource allocation to ensure focus on creating value for patients and all of our stakeholders," said CEO Jason Gardner.
- The Company ended 2021 with a cash balance of $176.9 million, expected to fund the operating plan into Q4 of 2023.
- Price Action: MGTA shares are down 4.98% at $2.29 during the market session on the last check Thursday.
Read at Benzinga