By Dean Seal
Prime Medicine is cutting 25% of its workforce and bringing in a new chief executive as it pivots to focus on its liver franchise and programs that aren't internally funded.
The biotechnology company said Monday that it is deprioritizing its chronic granulomatous disease programs as part of a major overhaul that should cut its operating costs and cash burn almost in half through 2027.
In tandem with the restructuring, Keith Gottesdiener is departing as chief executive and a member of Prime's board.
Allan Reine, the company's chief financial officer, has been named CEO and will become a member of the board. Jeff Marrazzo, another director, has been named executive chair.
Prime's shares fell 8.2% to $1.46 in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 19, 2025 09:24 ET (13:24 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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