Under a strategic move toward in vivo gene-editing treatments, Editas Medicine (NASDAQ:EDIT) announced plans Friday to downsize its personnel by about 65%, affecting roughly 180 employees over the next six months.
The Massachusetts-based business said it will concentrate on creating in vivo CRISpen-edited treatments and stop its lead ex vivo program, reni-cel, for sickle cell disease (SCD). The choice to put reni-cel on hold stems from failed attempts to find a commercial partner or an out-licensing agreement for the treatment.
Promising new preclinical data from its in vivo pipeline, which showed potential in blood-forming stem cells and liver applications, drives this turnaround. To reach human proof-of-concept data in two years, Editas intends to publish more preclinical results and revised development schedules in the first quarter of 2025.
Editas has put cost-cutting initiatives in place to help with the shift, matching resources and manpower to its in vivo pipeline. These developments are expected by the corporation to stretch its cash horizon beyond the second quarter of 2027. Editas said at the end of the third quarter of 2024 $265 million in cash, cash equivalents, and marketable securities.
After the announcement, Editas's shares dropped over 17%, reflecting investor worries about the program cancellation and restructuring.
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