EMERYVILLE, Calif. - Gritstone bio, Inc. (NASDAQ:GRTS), a clinical-stage biotechnology company, has announced a significant workforce reduction of approximately 40%. This decision follows a delay in the company's CORAL Phase 2b study, which has led to an unanticipated shortfall in external funding that was expected to start in the first quarter of 2024.
The company's President and CEO, Andrew Allen, MD, PhD, expressed his regret over the impact this decision will have on the employees. He thanked the departing staff for their contributions and maintained a positive outlook on the company's ongoing programs.
Despite the reduction, Gritstone bio's core programs and anticipated milestones, including the preliminary data from the Phase 2 portion of the Phase 2/3 study evaluating GRANITE, their personalized cancer vaccine for front-line metastatic, microsatellite-stable colorectal cancer (MSS-CRC), are still expected to be announced in the first quarter of 2024.
Gritstone bio specializes in developing potent vaccines by leveraging innovative vectors and payloads to train the immune system to target critical disease areas. The company aims to improve patient outcomes and eliminate diseases through their product candidates, which are designed to treat and prevent viral diseases and solid tumors.
The press release also includes forward-looking statements regarding the company's clinical and regulatory development plans, the timing and expectations of data from ongoing and planned clinical trials, and the potential of their product candidates.
Yet, these statements come with substantial risks and uncertainties, such as the challenges inherent in the drug development process, regulatory approval, manufacturing, and intellectual property protection.
The information provided in this article is based on a press release statement from Gritstone bio. The company has not updated or revised any forward-looking statements and advises readers to refer to their most recent Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission for a more detailed description of potential risks and uncertainties.
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