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- Alector Inc (NASDAQ:ALEC) plans to reduce its workforce by approximately 11% to better align its resources with previously announced strategic prioritization of its late-stage immuno-neurology programs.
- The company initiated a reduction in force, immediately impacting approximately 30 employees across the organization.
- The company expects that its existing cash, cash equivalents, and investments of $712.9 million will enable it to fund its operating expenses and capital expenditure requirements through 2025.
- In its Q4 earnings release, Alector announced its plans to prioritize its late-stage immuno-neurology programs, including its progranulin and TREM2 product candidates.
- The biotech is enrolling patients in a Phase 3 trial for latozinemab (AL001) in at-risk and symptomatic patients with frontotemporal dementia due to a progranulin gene mutation (FTD-GRN).
- Alector said in its recent quarterly update that it is preparing to engage with regulatory authorities in mid-2023 to discuss completing the INFRONT-3 study with fewer patients and/or shorter treatment duration to get to a readout in early 2025.
- The second candidate, AL101, is expected to enter a pharmacokinetics bridging study in 2023, followed by Phase 2 in early Alzheimer’s disease.
- Price Action: ALEC shares are down 3.65% at $6.08 on the last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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