Adaptive Biotechnologies To Lay Off ~12% Of Its Workforce, Names Tycho Peterson As CFO

Vandana Singh
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Adaptive Biotechnologies Corporation (NASDAQ: ADPT) will be organized around two distinct business areas - Minimal Residual Disease (MRD) and Immune Medicine.

  • Adaptive's MRD business includes clonoSEQ diagnostic tests for clinicians and the clonoSEQ assay for pharmaceutical partners to support drug development and approvals.

  • The Immune Medicine business includes research, diagnostic, and drug discovery products and services driven by T-cell mapping efforts in partnership with Microsoft Corp (NASDAQ: MSFT).

  • The portfolio includes immunoSEQ, T-Detect, and drug discovery collaborations with Genentech and Nykode.

  • Also See: Adaptive Biotechnologies Clocks 26% Jump In Q4 Revenues.

  • The MRD and Immune Medicine business areas will be led by Nitin Sood and Sharon Benzeno, respectively.

  • In conjunction with the reorganization, Adaptive is reducing the workforce by ~12% and will deprioritize projects and programs that are no longer aligned with the goals of the two business areas.

  • "I am confident this reorganization and new leadership in place will set Adaptive up for breakthrough growth in 2022 and beyond," said Chad Robins, CEO & Co-founder.

  • The Company has also appointed Tycho Peterson as the chief financial officer (CFO).

  • Mr. Peterson most recently held a 23-year tenure with J.P. Morgan Chase & Co, where he served as managing director, life science tools, and diagnostics in the health care group.

  • Price Action: ADPT shares are up 11.40% at $13.04 during the market session on the last check Wednesday.

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