Finch Therapeutics Halts Work On Its Only Clinical Stage Asset, Cuts 95% Of Workforce

·1 min read
  • 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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