UniQure to cut 28% of workforce and scrap more than half its research projects in strategic overhaul

UniQure N.V. (QURE), a gene therapy company focused on developing therapies for patients with severe medical needs, said Thursday it's planning a strategic overhaul that will cut 28% of its workforce as it strives to cut costs and advance several clinical-stage programs. The Lexington, Mass.-based company is expecting to generate savings of $180 million to extend its cash runway to the second quarter of 2027. The company will discontinue investments in more than half of its research and technology projects, will centralize operations and streamline the organization. "The company will focus its research efforts on a limited number of projects believed to have optimal risk, value and speed attributes, including AMT-161 for c9orf72 amyotrophic lateral sclerosis (ALS), AMT-240 for autosomal dominant Alzheimer's disease, and next-generation AAV capsid development," it said in a statement. The move will eliminate 114 jobs. The company has a current cash balance of $628.6 million and will book one-time restructuring charges of about $2.3 million. The stock has fallen 73% in the year to date, while the S&P 500 has gained 11%.

-Ciara Linnane

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10-05-23 0819ET

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