By Ben Glickman
AlloVir will cut about 95% of its current employee base after scrapping three late-stage clinical trials.
The cell-therapy developer said in a regulatory filing Thursday that the layoffs were meant to reduce costs and preserve capital.
As of the end of 2022, the company had 106 full-time employees, according to a separate regulatory filing.
The company expects the reduction to be substantially completed by April 15 and anticipates personnel-related restructuring charges of about $13 million.
AlloVir said last month that it was stopping the trials following recommendations from data monitors. The company is reviewing strategic alternatives, including a merger, sale, divestiture, licensing deal or other transaction.
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