Beam Therapeutics To Streamline Business Operations; To Cut About 20% Jobs

RTTNews | 431 days ago
Beam Therapeutics To Streamline Business Operations; To Cut About 20% Jobs

(RTTNews) - Biotechnology company Beam Therapeutics Inc. (BEAM) announced Thursday their portfolio priorities and plans to streamline its business operations to support potential near-term value drivers and long-term growth.

This plan includes cost reduction initiatives that align with the company's near-term goals, and the anticipated cost savings are expected to extend its revised operating plan into 2026.

The company said BEAM-101 and ESCAPE for sickle cell disease and BEAM-302 for alpha-1 antitrypsin deficiency will be the highest priority programs that are expected to provide foundation for meaningful value creation.

The company will also explore partnership opportunities for continued development of select programs.

In alignment with its portfolio prioritization, Beam intends to undertake efforts to streamline its operational expenses and increase efficiencies. It plans a headcount reduction of about 100 employees or about 20% of current workforce, which is anticipated to be completed in the fourth quarter of 2023.

The anticipated cost savings, which includes an approximately 20% reduction in workforce, is expected to extend the company's cash runway into 2026.

read more
Beam Therapeutics CFO Terry-Ann Burrell To Resign

Beam Therapeutics CFO Terry-Ann Burrell To Resign

Biotechnology company Beam Therapeutics Inc. (BEAM) announced Monday that its chief financial officer, Terry-Ann Burrell, will be leaving the company effective August 9, 2024 to pursue a new opportunity as vice chairman of investment banking at JPMorgan Chase. She served as CFO since August 2019.
RTTNews | 161 days ago
Asian Markets Track Wall Street Higher

Asian Markets Track Wall Street Higher

Asian stock markets are trading mostly higher on Tuesday, following the broadly positive cues from Wall Street overnight, as traders seemed reluctant to make more significant moves amid what is likely to be a quiet week due to the Christmas Day holidays. Optimism about more interest rate cuts by the U.S. Fed next year is aiding market sentiment. Asian markets closed mostly higher on Monday.
RTTNews | 5h 15min ago
Australian Market Extends Gains In Mid-market

Australian Market Extends Gains In Mid-market

The Australian stock market is extending its gains in mid-market trading on Tuesday, continuing to add to the gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying a tad above the 8,200 level, with stocks across sectors trading mixed amid a lack of direction ahead of the Christmas holidays.
RTTNews | 5h 56min ago
Japanese Market Modestly Lower

Japanese Market Modestly Lower

The Japanese stock market is trading modestly lower on Tuesday, reversing the gains in the previous session, with the Nikkei 225 falling to be a tad above the 39,000 mark, despite the broadly positive cues from Wall Street overnight, with weakness in index heavyweights and some exporter stocks.
RTTNews | 6h 17min ago
Thai Bourse May Reclaim 1.400-Point Level

Thai Bourse May Reclaim 1.400-Point Level

The Thai stock market on Monday wrote a finish to the two-day slide in which it had stumbled almost 35 points or 2.8 percent. The Stock Exchange of Thailand now sits just above the 1,385-point plateau and it may extend its gains on Tuesday.
RTTNews | 6h 33min ago
Australian Market Slightly Higher

Australian Market Slightly Higher

The Australian stock market is trading slightly higher in choppy trading on Tuesday, extending the sharp gains in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying a tad above the 8,200 level, with stocks across sectors trading mixed amid a lack of direction ahead of the Christmas holidays.
RTTNews | 6h 44min ago
Win Streak May Continue For Indonesia Stock Market

Win Streak May Continue For Indonesia Stock Market

The Indonesia stock market has climbed higher in two straight sessions, collecting almost 120 points or 1.7 percent along the way. The Jakarta Composite Index now rests just beneath the 7,100-point plateau and it may open higher again on Tuesday.
RTTNews | 7h 3min ago