Prime Medicine (PRME) said Monday it is implementing a strategic restructuring program, including the reduction in cost and workforce and the deprioritization of its chronic granulomatous disease programs.
The company said it is focusing on its liver franchise and programs funded through external partnerships. These include the development of in vivo programs for the treatment of Wilson's Disease and Alpha-1 Antitrypsin Deficiency, with initial clinical data from both programs expected in 2027.
The cost reduction measures, which include laying off about 25% of its workforce, will cut cash needs by almost half throughout 2027, the company said. Prime said its cash, cash equivalents and investments as of March 31 will be sufficient to fund its operations and capital expenditure requirements into the first half of 2026.
Prime has also appointed Allan Reine as the company's chief executive officer and Jeff Marrazzo as its executive chair. Reine succeeds Keith Gottesdiener, who has decided to step down as CEO effective immediately.
Reine was most recently the chief financial officer of Foghorn Therapeutics.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.