Sarepta Therapeutics releases a third of the workforce in the drastic cost cutting train

Adam Feuerstein is a senior writer and biotech columnist and reports on the intersection of drug development, business, wall street and biotechnology. He is also a co-moderator of the weekly biotech podcast The Readout loud and author of the newsletter Adams Biotech Scorecard. You can reach Adam with a signal at Stataf.54.

Sarepta Therapeutics interpreted more than a third of his workforce or about 500 employees, the company shared on Wednesday with a drastic cost to reduce costs after the death of two teenagers who forced the company to restrict the use of its genetic therapy for Duchenne musculardystrophy.

In addition to the cuts, the company also announced that the majority of its research, including the break to several gene therapies, which it had in development for muscular dystrophies with limbs, a collection of less frequently and generally more slow moving diseases. The company said that the move would be around 400 million US dollars a year, reduces the operating costs and increases the cash flow, which is sufficient to maintain access to an existing loan contract.

According to a submission to the Securities and Exchange Commission, which accompanied the announcement of the employees of the employees, three of the best executives from Sarepta, including No. 2 Executive Ian Estepan, advertising campaigns and salary increases.