PTC cuts gene therapy programs, discloses PhIII fail in Friedreich's ataxia and CFO exit
PTC Therapeutics disclosed a string of disappointing news late Tuesday, revealing a Phase III flop, a pipeline reorg to cut gene therapy programs and its CFO’s sudden departure.
The dramatic shakeup — which will lead to layoffs of an unknown number of employees — comes just two months after Matthew Klein took over as CEO from longtime leader Stuart Peltz. Shares of the biotech $PTCT sank 21% to $46 in pre-market trading Wednesday.
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