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

RTTNews | 602 일 전
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 | 332 일 전
U.S. Producer Prices Inch Up 0.1% In May, Less Than Expected

U.S. Producer Prices Inch Up 0.1% In May, Less Than Expected

After reporting an unexpected decrease by U.S. producer prices in the previous month, the Labor Department released a report Thursday showing producer prices crept slightly higher in the month of May. The Labor Department said its producer price index for final demand inched up by 0.1 percent after slipping by a revised 0.2 percent in April.
RTTNews | 2 시간 39 분 전
U.S. Weekly Jobless Claims Unexpectedly Unchanged At Eight-Month High

U.S. Weekly Jobless Claims Unexpectedly Unchanged At Eight-Month High

The Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits came in flat in the week ended June 7th. The report said initial jobless claims in at 248,000, unchanged from the previous week's revised level. Economists had expected jobless claims to dip to 240,000 from the 247,000 originally reported for the previous week.
RTTNews | 2 시간 42 분 전
Bay Street Likely To Open On Negative Note

Bay Street Likely To Open On Negative Note

Canadian shares are likely to open with a negative bias on Thursday as trade concerns, and Middle East tensions may weigh on sentiment. A lack of specifics in the framework agreed to by U.S. and Chinese officials on Tuesday has raised uncertainty about the two nations reaching an agreement anytime soon.
RTTNews | 3 시간 25 분 전
U.S. Producer Prices Inch Up Less Than Expected In May

U.S. Producer Prices Inch Up Less Than Expected In May

After reporting an unexpected decrease by U.S. producer prices in the previous month, the Labor Department released a report Thursday showing producer prices crept slightly higher in the month of May.
RTTNews | 3 시간 51 분 전
Boeing Shares Hit After 787-8 Dreamliner With 242 Onboard Crashes In India

Boeing Shares Hit After 787-8 Dreamliner With 242 Onboard Crashes In India

Boeing Co. shares are currently down around 8 percent in the pre-market activity on the NYSE after an Air India aircraft headed to London with 242 people onboard crashed immediately after take-off in the Indian city of Ahmedabad. The plane, a Boeing 787-8 Dreamliner headed to Gatwick Airport in the UK, crashed in a civilian area near the Sardar Vallabhbhai Patel International Airport.
RTTNews | 4 시간 10 분 전
FTSE 100 Recovers After Weak Start, Up Marginally

FTSE 100 Recovers After Weak Start, Up Marginally

After opening on a negative note amid trade tensions and data showing a contraction in the nation's GDP growth in April, U.K. stocks recovered some lost ground on Thursday. Still, amid uncertainty about China and the U.S. agreeing on a concrete trade deal anytime soon, and lingering concerns about the European Union finalizing a trade deal before the July 8 deadline, the mood in the market remain
RTTNews | 4 시간 21 분 전