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

RTTNews | 581 days ago
Stocktwits
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.

Tags: BEAM
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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 | 312 days ago
European Shares Seen Flat To Higher At Open

European Shares Seen Flat To Higher At Open

European stocks may open flat to slightly higher on Friday as U.S. President Donald Trump's "big, beautiful" tax bill heads to the Senate for debate and review.
RTTNews | 1h 46min ago
European Economic News Preview: UK Retail Sales Data Due

European Economic News Preview: UK Retail Sales Data Due

Retail sales from the UK and detailed quarterly national accounts from Germany are the top economic news due on Friday. At 2.00 am ET, the Office for National Statistics releases UK retail sales for April. Economists forecast retail sales to grow 0.3 percent on a monthly basis, after rising 0.4 percent in March.
RTTNews | 2h 31min ago
Sensex, Nifty Rebound As US Bond Yields Ease

Sensex, Nifty Rebound As US Bond Yields Ease

Indian shares traded higher on Friday as U.S. Treasury yields eased from recent highs on improved economic data and comments from a Federal Reserve official that he still sees a path to interest rate cuts later this year.
RTTNews | 3h 8min ago
Australian Market Extends Early Gains In Mid-market

Australian Market Extends Early Gains In Mid-market

The Australian stock market is extending its early gains in mid-market moves on Friday, reversing some of the losses in the previous session, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving to near the 8,400 level, with gains is financial and technology stocks partially offset by weakness in mining and energy stocks.
RTTNews | 3h 57min ago
Asian Markets Trade Mixed

Asian Markets Trade Mixed

Asian stock markets are trading mixed on Friday, following the mixed cues from Wall Street overnight, as US Treasury yields eased on improved US data and comments from a US Fed official that he still sees a path to interest rate cuts later this year. Concerns about the fiscal impact of the US Republican tax cut bill is weighing on the markets. Asian markets ended mostly lower on Thursday.
RTTNews | 4h 18min ago
Sensex, Nifty Seen Higher At Open

Sensex, Nifty Seen Higher At Open

Indian shares are seen opening a tad higher on Friday as U.S. Treasury yields eased on improved U.S. data and comments from a Federal Reserve official that he still sees a path to interest rate cuts later this year.
RTTNews | 4h 40min ago
Thai Bourse May Extend Losing Streak

Thai Bourse May Extend Losing Streak

The Thai stock market has finished lower in two straight sessions, giving away more than 15 points or 1.2 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,175-point plateau and it may tick lower again on Friday.
RTTNews | 5h 17min ago
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