Corbus Pharmaceuticals Holdings, Inc. (CRBP) announced a restructuring of its workforce to reallocate capital to certain clinical and preclinical programs. This will result in a reduction of its workforce by 54%. The company is implementing cost reductions with the objective of extending its cash runway to mid-2022.
Corbus Pharma is prioritizing its preclinical pipeline based on what the company believes is its most promising candidates. The company will allocate resources towards its lenabasum clinical development program in dermatomyositis and systemic lupus erythematosus, and its pipeline of other novel ECS-targeting drug candidates.
Corbus recorded cash and cash equivalents of approximately $83 million at September 30, 2020.
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