Magenta Therapeutics Inc MGTA:NASDAQ

Last Price$1.78Cboe Real-Time Last Sale as of 11:08AM ET 8/15/22
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Today's Change+0.01(0.56%)
Bid (Size)$1.79 (6)
Ask (Size)$1.83 (200)
Day Low / High$1.74 - 1.79
Volume13.5 K

Magenta Therapeutics to Focus Capital Spending on Leukemia Drug Trial, Cut Workforce by 14%

10:08AM ET 4/14/2022 MT Newswires
Magenta Therapeutics (MGTA) said Thursday it is planning to focus capital spending on its ongoing development of MGTA-117 as a potential treatment for acute myeloid leukemia and myelodysplasia.

The drugmaker said spending related to general and administrative expenses and research platform-related investments in new disease targets will be reduced. It is also cutting its workforce by 14%, it added.

Magenta expects to extend its cash runway into Q2 2024 as a result of these changes.

A phase 1/2 study has been conducted on MGTA-117, and the company plans to provide a summary of clinical observations when it reports its Q1 earnings in May.

Magenta Therapeutics shares were down 0.4% in recent morning trading Thursday.

Price: 2.42, Change: +0.01, Percent Change: +0.41