By Katherine Hamilton
Cargo Therapeutics is suspending more of its cell therapy programs and cutting 90% of its employees.
The biotechnology company, which focuses on curative cell therapies for cancer patients, said Tuesday it is ceasing development operations. It is discontinuing the development of remaining pipeline assets, including its CRG-023 and Cargo allogeneic platforms.
Cargo said its chief executive, Gina Chapman, is departing and the company is reducing its workforce by 90%. As of December 2024, Cargo had 167 full-time employees, according to a filing with the Securities and Exchange Commission. Cargo's board named Anup Radhakrishnan as interim chief executive.
In January, Cargo said it would discontinue the FIRCE-1 Phase 2 study of firi-cel to streamline business operations and reduce costs. It said it planned to cut its workforce in half at that time.
The San Carlos, Calif., company is working with TD Cowen as a financial adviser for a review of strategic options, it said.
"Our priority moving forward is to maximize value for shareholders while aiming to find a permanent home for our remaining assets for the benefit of patients, and to do both in an expeditious manner," Board Chairman John Owin said.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
March 18, 2025 16:35 ET (20:35 GMT)
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