AlloVir Inc.
ALVR,
a developer of cell therapies intended to treat viral diseases, said Thursday that its board had approved a roughly 95% reduction to its staff, following an announcement last month that it would discontinue three clinical trials on its lead T cell therapy posoleucel. The company, in a filing, said the board approved the cuts on Jan. 1, and that the cuts were intended to “preserve capital.” The employee dismissals were set to take place largely in the first quarter of 2024 and would largely be done by April 15. Last month, AlloVir said it would discontinue its Phase 3 trials of posoleucel, a therapy intended to target six viral pathogens, including the Epstein-Barr virus and human herpesvirus. At that time, the company said an analysis concluded that “the studies were unlikely to meet their primary endpoints.” AlloVir, in the filing on Thursday, said it expected to book charges of around $13 million, largely in the first quarter, to account for severance and other benefits. Shares were up 3.4% in after-hours trade.
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