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Agios Is Looking For Development Partner, Lays Off Exploratory Research Staff

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  • Agios Pharmaceuticals Inc (NASDAQ: AGIO) will be letting go of 50 employees and shuffling its R&D leadership team to focus internal research efforts on its lead programs.

  • Chief Medical Officer Sarah Gheuens will assume the role of R&D and Chief Scientific Officer at the end of July.

  • Agios' chief scientific officer, Bruce Car, will step down from the role and remain with the company through July to facilitate the transition.

  • The changes will unlock about $40 million to $50 million in cost savings associated with research and related expenses between 2023 and 2026.

  • Agios is opening up to business development and partnerships to advance its programs.

  • Related: FDA Approves Agios' Mitapivat As First Disease-Modifying Therapy For Genetic Blood Disorder.

  • "Agios continues to expect that its cash, cash equivalents, and marketable securities will enable the company to execute its operating plan through major catalysts and to cash-flow positivity without raising additional equity," the company said.

  • Agios said it has the funds to continue studying mitapivat in thalassemia, sickle cell disease, and pediatric pyruvate kinase deficiency.

  • The company also has the money needed to fund a Phase 2a trial in low- to intermediate-risk myelodysplastic syndrome and preclinical studies of other assets in PAH stabilization in phenylketonuria and BCAT inhibition methylmalonic and propionic acidemias, Fouse said.

  • Price Action: AGIO shares are up 0.84% at $22.33 during the market session on the last check Tuesday.

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