- Agios Pharmaceuticals Inc AGIO will be letting go of 50 employees and shuffling its R&D leadership team to focus internal research efforts on its lead programs.
- Chief Medical Officer Sarah Gheuens will assume the role of R&D and Chief Scientific Officer at the end of July.
- Agios' chief scientific officer, Bruce Car, will step down from the role and remain with the company through July to facilitate the transition.
- The changes will unlock about $40 million to $50 million in cost savings associated with research and related expenses between 2023 and 2026.
- Agios is opening up to business development and partnerships to advance its programs.
- Related: FDA Approves Agios' Mitapivat As First Disease-Modifying Therapy For Genetic Blood Disorder.
- "Agios continues to expect that its cash, cash equivalents, and marketable securities will enable the company to execute its operating plan through major catalysts and to cash-flow positivity without raising additional equity," the company said.
- Agios said it has the funds to continue studying mitapivat in thalassemia, sickle cell disease, and pediatric pyruvate kinase deficiency.
- The company also has the money needed to fund a Phase 2a trial in low- to intermediate-risk myelodysplastic syndrome and preclinical studies of other assets in PAH stabilization in phenylketonuria and BCAT inhibition methylmalonic and propionic acidemias, Fouse said.
- Price Action: AGIO shares are up 0.84% at $22.33 during the market session on the last check Tuesday.
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AGIOAgios Pharmaceuticals Inc
$33.420.24%
Edge Rankings
Momentum
25.75
Growth
Not Available
Quality
Not Available
Value
7.59
Price Trend
Short
Medium
Long
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