Barinthus Biotherapeutics Plc. (BRNS), Friday announced several strategic business plans to primarily focus on cost savings, including the potential closure of its UK site.
As per the plan, UK-based Chief Operating Officer Graham Griffiths and Chief Financial Officer Gemma Brown will resign from the company, and 65 percent of the employees at two sites will face layoffs.
Notably, the company expects the savings to extend the cash runway to the start of 2027.
Currently, Barinthus's stock is moving down 4.58 percent, to $1.09 on the Nasdaq.
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