Finch Therapeutics Halts Work On Its Only Clinical Stage Asset, Cuts 95% Of Workforce
Finch Therapeutics Group Inc (NASDAQ: FNCH) will discontinue the PRISM4 Phase 3 trial of CP101 in recurrent C. difficile infection (CDI) and focus on realizing the value of its intellectual property estate and other assets.
The decision follows an assessment of several factors, including the company's outlook for securing additional capital or partnerships to help fund the CP101 program, slower-than-anticipated enrollment in the PRISM4 trial, and broader sector trends.
Finch is reducing its workforce by approximately 95%. Most impacted roles will end in February 2023.
Finch has a portfolio of microbiome assets, including CP101, an investigational orally administered microbiome candidate with positive data from a Phase 2 placebo-controlled trial and a Phase 2 open-label trial in recurrent CDI.
Additionally, Finch has pre-clinical microbiome assets designed to target ulcerative colitis, Crohn's disease, and an autism spectrum disorder.
In August, Finch Therapeutics regained full development and commercial rights to FIN-524 (previously known as TAK-524) and FIN-525 from Takeda Pharmaceutical Company Limited (NYSE: TAK).
Takeda terminated its collaboration with Finch.
Price Action: FNCH shares are down 7.71% at $0.4799 on the last check Tuesday.
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This article originally appeared on Benzinga.com
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