By Paul Ziobro
Shares of Spero Therapeutics plunged after the company said it was suspending the development of a program for a lung infection treatment and cutting 39% of jobs to preserve cash.
The stock fell 21.4% to $1.03 in late trading, after closing the regular trading session at $1.31. Through Tuesday's close, the stock had been down 10.9% this year.
The Cambridge, Mass.-based biopharmaceutical company said it would restructure after an interim analysis of a study of SPR720, a treatment for non-tuberculous mycobacterial-pulmonary disease, failed to meet its primary endpoint.
The company decided to suspend the current development program and will look at other potential paths forward as the remaining data are collected and analyzed.
Spero said the restructuring and layoffs will extend its cash runway and support operations into mid-2026.
Write to Paul Ziobro at paul.ziobro@wsj.com
(END) Dow Jones Newswires
October 29, 2024 17:15 ET (21:15 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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