By Adriano Marchese
Shares of Cosciens Biopharma fell Monday morning after it said it will discontinue research into its ALS treatment as management continues to lay off staff and cut costs across the company.
Shares traded 10% lower at 5 Canadian dollars ($3.68).
The Toronto-based biopharmaceutical company said management continues pushing its cost-reduction measures, including the elimination of a number of managerial and technical positions.
Cosciens is also reducing the spend on certain programs pending completion of data review. As part of that effort, the company made the decision to discontinue further spend on the preclinical research program looking at the potential use of Macimorelin for the treatment of amyotrophic lateral sclerosis.
The company said the ALS program has taken far longer and will cost more than was anticipated. Moreover, Cosciens said it isn't confident that it will ultimately provide the much needed treatment for ALS patients that it once thought.
Additionally, Cosciens said its board has engaged an executive recruiting firm to identify the next president and chief executive, to succeed current head Gilles Gagnon.
Gagnon said that he gives his full support to the search, and he believes now is the ideal time for the next generation of leaders to make their mark on the future of Cosciens.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
September 23, 2024 10:57 ET (14:57 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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