Aeglea BioTherapeutics President And CEO Anthony Quinn Steps Down
(RTTNews) - Biotechnology company Aeglea BioTherapeutics, Inc. (AGLE) announced Wednesday a leadership transition and corporate restructuring to focus resources on AGLE-177 in development for patients living with Homocystinuria.
The restructuring has further reduced the headcount of the Company resulting in an approximately 25% reduction year-to-date. The Company also plans to realize additional cost savings by transitioning patients out of the ongoing extension studies of pegzilarginase in Arginase 1 Deficiency while it engages with the FDA on a regulatory path forward.
The implementation of the restructuring plan will prioritize development of AGLE-177 and result in extending the Company's cash runway into the fourth quarter of 2023.
The Company announced that Anthony Quinn, president and chief executive officer, and member of Aeglea's board of directors, has stepped down from his current positions and transitioned to an advisory role effective immediately.
The board of directors has appointed Jim Kastenmayer, the Company's current general counsel, as interim president and chief executive officer as the Company initiates a search for a permanent replacement.
Additionally, the Company's chief commercial officer, Michael Hanley, has been appointed chief business officer with expanded responsibilities in internal business operations.
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