Cell Therapy-Focused Gamida Plans To Cut 10% Of Staff

Gamida Cell Ltd GMDA will terminate 10% of its staff as part of an effort to extend its cash runway for a planned filing for cell therapy omidubicel with the FDA.

• The Company plans to delay other hiring and planned spending in 2022.
• Reducing operating expenses will extend the cash runway to fund activities into mid-2023, considering the timeline for potential FDA approval of omidubicel.
• Gamida is planning to file a full submission for omidubicel, a next-generation stem cell transplant product being studied in patients with certain blood cancers, in 1H 2022. 
• Meanwhile, Gamida is “readying to advance” a follow-up candidate, GDA-201, an engineered natural killer cell program, which is currently on clinical hold.
• Gamida Cell expects to initiate a Phase 1/2 clinical study in patients with diffuse large B cell lymphomas in 2022.
• Gamida Cell ended 2021 with approximately $96.1 million in cash and cash equivalents. 
• The Company expects cash used for ongoing operating activities in 2022 of $60 million - $70 million in cash and cash equivalents based on its current operating plans. 
• Price Action: GMDA shares are up 9.46% at $3.21 during the market session on the last check Monday.