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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