Generation Bio Cuts 40 Percent of Workforce
November 29, 2023
Rare Daily Staff
Generation Bio, a company developing genetic medicines for people living with rare and prevalent diseases, has begun a strategic reorganization to prioritize investment in the development of its cell-targeted lipid nanoparticle delivery system for wholly owned programs in extrahepatic cell types.
The reorganization includes a reduction of its total workforce by 40 percent, while preserving core R&D capacity, and extending its cash runway into the second half of 2027. Several of Generation Bio’s leadership team members will also depart as part of the reorganization.
The company said it intends to continue to develop cell-targeted lipid nanoparticle (ctLNP) for immune cells as part of its collaboration with Moderna and to develop its immune-quiet DNA (iqDNA) for its lead hemophilia A and other programs.
“Our ctLNP platform has demonstrated uniquely selective ligand-targeted delivery to T cells with minimal off-target uptake. We believe there is a clear path to developing our own programs using ctLNP to reach extrahepatic targets and are realigning our investments to support this,” said Geoff McDonough, CEO of Generation Bio. “We also remain focused on developing the iqDNA platform for our lead program in hemophilia A as well as for other programs in the liver and beyond. To allow us to reach critical development milestones for these platforms under current market conditions, we are taking the difficult but necessary steps to align our investments with our strategy and to extend our cash runway.”
Photo: Geoff McDonough, CEO of Generation Bio
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