Adaptive Biotechnologies To Lay Off ~12% Of Its Workforce, Names Tycho Peterson As CFO

Adaptive Biotechnologies Corporation ADPT will be organized around two distinct business areas - Minimal Residual Disease (MRD) and Immune Medicine.

• Adaptive's MRD business includes clonoSEQ diagnostic tests for clinicians and the clonoSEQ assay for pharmaceutical partners to support drug development and approvals. 
• The Immune Medicine business includes research, diagnostic, and drug discovery products and services driven by T-cell mapping efforts in partnership with Microsoft Corp MSFT. 
• The portfolio includes immunoSEQ, T-Detect, and drug discovery collaborations with Genentech and Nykode. 
• Also See: Adaptive Biotechnologies Clocks 26% Jump In Q4 Revenues.
• The MRD and Immune Medicine business areas will be led by Nitin Sood and Sharon Benzeno, respectively. 
• In conjunction with the reorganization, Adaptive is reducing the workforce by ~12% and will deprioritize projects and programs that are no longer aligned with the goals of the two business areas.
• "I am confident this reorganization and new leadership in place will set Adaptive up for breakthrough growth in 2022 and beyond," said Chad Robins, CEO & Co-founder. 
• The Company has also appointed Tycho Peterson as the chief financial officer (CFO).
• Mr. Peterson most recently held a 23-year tenure with J.P. Morgan Chase & Co, where he served as managing director, life science tools, and diagnostics in the health care group.
• Price Action: ADPT shares are up 11.40% at $13.04 during the market session on the last check Wednesday.