- Alector Inc 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.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.