: Spero Therapeutics stock plummets after biotech to cut 75% of its workforce #FinanceUSA #StockMarketNEWS Shares of Spero Therapeutics Inc. plummeted 68.4% toward a record low in premarket trading
@stockMarketNEWS 19 Days ago
Spero Therapeutics stock plummets after biotech to cut 75% of its workforce #FinanceUSA #StockMarketNEWS
Shares of Spero Therapeutics Inc. plummeted 68.4% toward a record low in premarket trading Tuesday, after the Massachusetts-based biopharmaceutical company said it is cutting 75% of its workforce following its decision to immediately defer commercialization activities for its tebipenem HBr oral antibiotic alternative to IV treatment for complicated urinary tract infections (cUTI). The company had 146 employees as of Dec. 31, recent filings show. Spero said the decision to halt commercialization activities follows feedback from a recent late cycle meeting with the U.S. Food and Drug Administration, which indicated that the data package under discussion may be insufficient to support approval. "After careful consideration, and in light of the current FDA position, we have made the strategic decision to transition Spero's focus and resources to supporting the clinical development of our promising clinical-stage pipeline, including SPR720, aimed at treating non-tuberculous mycobacterial lung disease, and SPR206, aimed at treating MDR gram-negative bacterial infections," said Chief Executive Ankit Mahadevia. The stock has already plunged 68.2% year to date through Monday, while the iShares Biotechnology ETF has tumbled 22.5% and the S&P 500 has dropped 12.8%.