By Denny Jacob
Arbutus Biopharma is cutting its workforce by more than half as it looks to improve its financial and operational efficiency.
The clinical-stage biopharmaceutical company said its board approved a workforce reduction of 57%, bringing its employee count down to 19. It also decided to exit its corporate headquarters in Warminster, Penn., and to discontinue in-house scientific research.
Arbutus expects to incur a one-time restructuring charge between $11 million and $13 million in the first quarter.
Chief Executive Lindsay Androski, who joined the company in February, said a core team will focus on advancing imdusiran into a Phase 2b trial.
Arbutus also named Tuan Nguyen as chief financial officer, effective Friday, to succeed David Hastings. The company additionally announced the departure of J. Christopher Naftzger as general counsel and chief compliance officer as well as Karen Sims as chief medical officer.
Nguyen most recently served as CFO of Kinevant Sciences, a subsidiary of Roivant Sciences.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
March 27, 2025 07:56 ET (11:56 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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