By Katherine Hamilton

Protagenic Therapeutics' board approved a restructuring plan pausing certain trials and terminating some company executives including the chief executive.

The plan, which is expected to save $8 million a year, calls for the temporary suspension of expenditures and evaluating strategic alternatives for certain preclinical programs, the company said Wednesday.

As part of workforce reductions, Protagenic is terminating Barrett Evans as chief executive and Colin Stott as chief operating officer. Evans and Stott remain on the board of directors.

All preclinical programs originated with former Phytanix Bio have been paused. Protagenic will look for strategic alternatives, including partnerships or out-licensing, to advance those assets.

The company will focus on its ongoing Phase 2 clinical trial of PT00114, which is expected to wrap up in nine months to a year.

The company is also transitioning to a virtual operating model. It will eliminate certain roles associated with preclinical operations, regulatory affairs and intellectual property functions.

Shares rose 2.5% to $2.85 in after-hours trading. At close, the stock was down 59% this year.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

August 13, 2025 17:56 ET (21:56 GMT)

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