Beam Therapeutics To Streamline Business Operations; To Cut About 20% Jobs

RTTNews | vor 587 Tagen
Beam Therapeutics To Streamline Business Operations; To Cut About 20% Jobs

(RTTNews) - Biotechnology company Beam Therapeutics Inc. (BEAM) announced Thursday their portfolio priorities and plans to streamline its business operations to support potential near-term value drivers and long-term growth.

This plan includes cost reduction initiatives that align with the company's near-term goals, and the anticipated cost savings are expected to extend its revised operating plan into 2026.

The company said BEAM-101 and ESCAPE for sickle cell disease and BEAM-302 for alpha-1 antitrypsin deficiency will be the highest priority programs that are expected to provide foundation for meaningful value creation.

The company will also explore partnership opportunities for continued development of select programs.

In alignment with its portfolio prioritization, Beam intends to undertake efforts to streamline its operational expenses and increase efficiencies. It plans a headcount reduction of about 100 employees or about 20% of current workforce, which is anticipated to be completed in the fourth quarter of 2023.

The anticipated cost savings, which includes an approximately 20% reduction in workforce, is expected to extend the company's cash runway into 2026.

read more
Beam Therapeutics CFO Terry-Ann Burrell To Resign

Beam Therapeutics CFO Terry-Ann Burrell To Resign

Biotechnology company Beam Therapeutics Inc. (BEAM) announced Monday that its chief financial officer, Terry-Ann Burrell, will be leaving the company effective August 9, 2024 to pursue a new opportunity as vice chairman of investment banking at JPMorgan Chase. She served as CFO since August 2019.
RTTNews | vor 317 Tagen
Thai Shares May Take Further Damage On Thursday

Thai Shares May Take Further Damage On Thursday

The Thai stock market has tracked lower in two straight sessions, slipping almost 20 points or 1.5 percent along the way. The Stock Exchange of Thailand now rests just above the 1,160-point plateau and it's expected to open to the downside again on Thursday.
RTTNews | vor 7 Minuten
Lower Open Anticipated For Hong Kong Stock Market

Lower Open Anticipated For Hong Kong Stock Market

The Hong Kong stock market has alternated between positive and negative finishes through the last five trading days since the end of the two-day winning streak in which it had rallied almost 500 points or 2.2 percent. The Hang Seng Index now sits just beneath the 23,260-point plateau and it's tipped to open under pressure again on Thursday.
RTTNews | vor 22 Minuten
Australian Market Modestly Higher

Australian Market Modestly Higher

The Australian market is trading modestly higher on Thursday, reversing the slight losses in the previous session, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,400 level, with gains in energy, financial and technology stocks partially offset by a mixed performance in mining stocks.
RTTNews | vor 33 Minuten
China Shares May Open Under Pressure On Thursday

China Shares May Open Under Pressure On Thursday

The China stock market has finished lower in five straight sessions, surrendering almost 50 points or 1.5 percent along the way. The Shanghai Composite Index now sits just beneath the 3,340-point plateau and it may see continued consolidation on Thursday.
RTTNews | vor 37 Minuten
Renewed Selling Pressure Expected For Taiwan Shares

Renewed Selling Pressure Expected For Taiwan Shares

The Taiwan stock market on Wednesday ended the four-day losing streak in which it had given up more than 460 points or 2.2 percent. The Taiwan Stock Exchange now sits just above the 21,350-point plateau although it may head south again on Thursday.
RTTNews | vor 1Std 7 Minuten
Singapore Bourse May Run Out Of Steam On Thursday

Singapore Bourse May Run Out Of Steam On Thursday

The Singapore stock market has moved higher in two straight sessions, advancing more than 35 points or 0.9 percent along the way. The Straits Times Index now sits just above the 3,910-point plateau although the rally may stall on Thursday.
RTTNews | vor 1Std 37 Minuten
Losing Streak May Continue For Malaysia Stock Market

Losing Streak May Continue For Malaysia Stock Market

The Malaysia stock market has moved lower in three straight sessions, slipping more than a dozen points or 0.9 percent in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,525-point plateau and it's looking at another soft start again on Thursday.
RTTNews | vor 2Std 7 Minuten