Editas Medicine Inc. [s: edit] is cutting approximately 20% of its workforce. The company reported 1,800 employees as of May 31, according to its annual report. In a statement released Monday Editas said the move will extend its cash runway into 2025. Editas’ stock fell 7.7% Monday, compared with the S&P 500 Index’s [s: spx] gain of 1.3%.
Editas said the cuts are part of a strategic reprioritization that includes focusing resources on EDIT-301, Editas’ clinical program for the treatment of severe sickle cell disease and transfusion-dependent beta thalassemia, a blood disorder that reduces production of hemoglobin. The gene editing company is also discontinuing internal investments in its inherited retinal disease programs and its wholly-owned multiplexed edited induced pluripotent stem cell derived natural killer cell programs.
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