Scholar Rock Shares Jumps On Updating Strategic Priorities

  • Scholar Rock Holding Corp SRRK plans to reduce its overall headcount by 25%, and its Chief Medical Officer Yung Chyung will step down by the end of June. 
  • "Parting with employees who have dedicated their talent and expertise to evolving a scientific platform into a Phase III-stage company is very difficult. We are extremely grateful for their contributions to our mission," Scholar Rock CEO Nagesh Mahanthappa.
  • Scholar Rock is working on a spinal muscular atrophy program dubbed apitegromab, currently in Phase 2 and Phase 3 studies, and a TGFβ1 inhibitor in Phase 1b testing for solid tumors. 
  • Related: Scholar Rock To Highlight Apitegromab Data From Ambulatory Cohort In Muscular Dystrophy.
  • The company is on track for Phase 2 TOPAZ trial of apitegromab two-year data by mid-year.
  • Scholar Rock is narrowing the scope of discovery programs it expects to pursue.
  • As of March 31, Scholar Rock held cash, cash equivalents, and marketable securities of approximately $210 million, sufficient to fund its anticipated operating and capital expenditure requirements into Q4 of 2023.
  • Price Action: SRRK shares are up 16.9% at $6.09 during the market session on the last check Tuesday.
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