Adaptive Biotechnologies To Lay Off ~12% Of Its Workforce, Names Tycho Peterson As CFO - Adaptive Biotech

Adaptive Biotechnologies Corporation (NASDAQ:ADPT) will be organized around two distinct business areas - Minimal Residual Disease (MRD) and Immune Medicine.

Adaptive's MRD business includes clonoSEQ diagnostic tests for clinicians and the clonoSEQ assay for pharmaceutical partners to support drug development and approvals.
The Immune Medicine business includes research, diagnostic, and drug discovery products and services driven by T-cell mapping efforts in partnership with Microsoft Corp (NASDAQ:MSFT).
The portfolio includes immunoSEQ, T-Detect, and drug discovery collaborations with Genentech and Nykode.
Also See: Adaptive Biotechnologies Clocks 26% Jump In Q4 Revenues.
The MRD and Immune Medicine business areas will be led by Nitin Sood and Sharon Benzeno, respectively.
In conjunction with the reorganization, Adaptive is reducing the workforce by ~12% and will deprioritize projects and programs that are no longer aligned with the goals of the two business areas.
"I am confident this reorganization and new leadership in place will set Adaptive up for breakthrough growth in 2022 and beyond," said Chad Robins, CEO & Co-founder.
The Company has also appointed Tycho Peterson as the chief financial officer (CFO).
Mr. Peterson most recently held a 23-year tenure with J.P. Morgan Chase & Co, where he served as managing director, life science tools, and diagnostics in the health care group.
Price Action: ADPT shares are up 11.40% at $13.04 during the market session on the last check Wednesday.

ADPTAdaptive Biotechnologies Corp

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