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Benzinga
Benzinga
Technology
Vandana Singh

Magenta Therapeutics Trims R&D, Cuts Workforce

  • 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.
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