Cortexyme Announces Further Layoffs, Chief Medical Officer Leaves

Cortexyme Inc CRTX has announced additional headcount reductions as part of its previously announced cost reduction program.
The restructuring is to rationalize operations and allow continued support for its business needs following the clinical hold on atuzaginstat’s (COR388) Investigational New Drug application.
The company is further reducing its headcount by 36%, bringing the total reduction to 67% from the January 2022 headcount levels.
The majority of this current reduction in force is expected to occur by the end of May 2022, and the remainder is expected to be completed by the end of July 2022.
In connection with this current reduction in force, the company estimates to incur approximately $0.7 million in expenses.
Also Read: Cortexyme Posts Safety Data From SAD Portion Of COR588 Trial In P.Gingivalis.
Additionally, Michael Detke, the company’s Chief Medical Officer, will step down effective May 2.
Price Action: Monday, CRTX shares traded 0.72% lower at $47.99.