Aduro Biotech Announces Corporate Restructuring
10 January 2020 - 8:15AM
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.”
About Aduro Aduro Biotech, Inc. is a
clinical-stage biopharmaceutical company focused on the discovery,
development and commercialization of therapies that are designed to
harness the body’s natural immune system for the treatment of
patients with challenging diseases. Aduro’s product candidates in
the Stimulator of Interferon Genes (STING) and A Proliferation
Inducing Ligand (APRIL) pathways are being investigated in cancer,
autoimmune and inflammatory diseases. ADU-S100 (MIW815), which
potentially activates the intracellular STING receptor for a potent
tumor-specific immune response, is being evaluated in a Phase 2
clinical trial in combination with pembrolizumab, an approved
anti-PD-1 antibody, as a first-line treatment for recurrent or
metastatic head and neck squamous cell carcinoma. BION-1301, a
first-in-class humanized IgG4 monoclonal antibody that fully blocks
APRIL binding to both the BCMA and TACI receptors, is being
evaluated in IgA nephropathy. Aduro is collaborating with a number
of leading global pharmaceutical companies to help expand and drive
its product pipeline. For more information, please visit
www.aduro.com.
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements for purposes
of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include statements
regarding our current intentions or expectations concerning, among
other things, the potential for our technology, continued
advancement of our programs, the anticipated reduction in our
operating expenses and extension of our cash runway, the creation
of a more streamlined organization, the timing and scope of the
reduction in force and the timing of disclosure of the financial
implications of the restructuring, our ability to generate clinical
data for our STING and APRIL programs, our ability to identify
candidates for the cGAS program to bring forward in development,
the investment of our team and collaborations with leading global
pharmaceutical companies to help expand and drive our product
pipeline. In some cases, you can identify these statements by
forward-looking words such as “may,” “will,” “continue,”
“anticipate,” “intend,” “could,” “project,” “expect” or the
negative or plural of these words or similar expressions.
Forward-looking statements are not guarantees of future performance
and are subject to risks and uncertainties that could cause actual
results and events to differ materially from those anticipated,
including, but not limited to, our history of net operating losses
and uncertainty regarding our ability to achieve profitability, our
ability to develop and commercialize our product candidates, our
ability to use and expand our technology platforms to build a
pipeline of product candidates, our ability to obtain and maintain
regulatory approval of our product candidates, our ability to
operate in a competitive industry and compete successfully against
competitors that have greater resources than we do, our reliance on
third parties, the success of our restructuring, including our
ability to focus on generating clinical data and identifying
candidates for the cGAS program and our ability retain senior
management and other highly qualified personnel, and our ability to
obtain and adequately protect intellectual property rights for our
product candidates. We discuss many of these risks in greater
detail under the heading “Risk Factors” contained in our quarterly
report on Form 10-Q for the quarter ended September 30, 2019, on
file with the Securities and Exchange Commission (SEC), and our
other filings with the SEC. Any forward-looking statements that we
make in this press release speak only as of the date of this press
release. We assume no obligation to update our forward-looking
statements whether as a result of new information, future events or
otherwise, after the date of this press release.
Contact:Noopur
Liffick510-809-2465investors@aduro.com press@aduro.com
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