** Shares of drug developer Jasper Therapeutics JSPR.O down 5.6% to $2.85

** Co says it is reducing its workforce by 50% and implementing a corporate reorganization, along with cost-cutting measures, to extend its cash runway

** JSPR also says it is halting other clinical and preclinical programs in order to focus on its experimental drug Briquilimab

** Briquilimab is an experimental drug that is being tested as a treatment for chronic urticaria, a condition where people have itchy, persistent hives for six weeks or longer. It works by targeting specific immune cells that are involved in causing the hives and inflammation

** Edwin Tucker is departing as the chief medical officer, effective August 1, and Daniel Adelman is set to replace him- Jasper Therapeutics

** As of last close, JSPR was down 86.2% YTD

(Reporting by Padmanabhan Ananthan)

((Padmanabhan.Ananthan@thomsonreuters.com))