- Applied Molecular Transport Inc (NASDAQ:AMTI) will prioritize the advancement of AMT-101 into late-stage clinical development.
- It is preparing for the end of Phase 2 meetings with the FDA to advance AMT-101 to Phase 3 in chronic pouchitis.
- Applied Molecular is evaluating the next steps for AMT-126, which recently demonstrated safety and tolerability in a Phase 1a trial in healthy volunteers.
- The company will pause earlier-stage research programs and activities.
- Related: Applied Molecular's AMT-101 Shows Favorable Clinical Activity, Safety Profile In Inflammatory Bowel Disease.
- It has named Shawn Cross the president and chief operating officer, and Brandon Hants will assume the role of chief financial officer.
- Randy Mrsny is stepping down as the chief scientific officer.
- Applied Molecular is reducing its workforce by approximately 40% to 81 full-time employees and is focused on executing late-stage clinical trials and related CMC activities.
- The company expects to record a one-time charge, primarily related to severance, in Q2 of 2022.
- The strategic prioritization extends the estimated cash runway into 2024.
- Earlier, the company estimated its cash balance of $126.5 million to fund its current operating plan for at least twelve months.
- Price Action: AMTI shares are down 11.10% at $3.80 during the market session on the last check Wednesday.
