Aduro Biotech Announces Corporate Restructuring
January 09, 2020 at 16:15 PM EST
BERKELEY, Calif., Jan. 09, 2020 (GLOBE NEWSWIRE) -- Aduro Biotech, Inc. (NASDAQ: ADRO), a clinical-stage biopharmaceutical company focused on developing therapies targeting the immune system cGAS-STING and APRIL pathways for the treatment of cancer, autoimmune and inflammatory diseases, today announced a restructuring plan to further extend the company’s operating capital and align personnel towards executing its clinical development strategy.
Following a detailed review of its operations and growth opportunities, Aduro intends to reduce its current workforce by 51 employees (approximately 59 percent) across the organization, minimize its corporate facilities footprint and shut down the Aduro Biotech Europe headquarters in Oss, The Netherlands by the end of the third quarter of 2020. The reduction in ongoing operating expenses is expected to extend the Company’s cash runway. Further details on the financial implications of the corporate restructuring will be included in the company’s 2019 Annual Report, on Form 10-K and the Company’s other filings to be filed with the Securities and Exchange Commission.
“Upon conducting a thorough analysis of our STING and APRIL programs and our cGAS-STING collaboration with Eli Lilly, as well as consideration of our current resources, Aduro’s Executive Team and Board determined implementing changes to reduce operating expenses and extend our cash runway is critical to our business,” said Stephen T. Isaacs, chairman, president and chief executive officer of Aduro. “We are creating a more streamlined organization by focusing on generating clinical data and identifying candidates for the cGAS program to bring forward into development. While this means that we are not able to retain the entirety of our current workforce, Aduro continues its development and research efforts supported by an incredibly talented team that is fully invested in the future of the Company.”
Cautionary Note on Forward-Looking Statements