Bolt Biotherapeutics (BOLT) has issued an announcement.
In a significant move to streamline its operations and preserve cash, a company has announced the discontinuation of its trastuzumab imbotolimod development to focus on more promising clinical candidates within its next-generation ISAC platform. This realignment will result in a 50% workforce reduction, anticipating pre-tax charges of $3-4 million primarily for severance-related costs, with completion expected by the end of 2024. Concurrently, high-level executive changes include the resignation of Dr. Edgar G. Engleman from the Board, Dr. Randall C. Schatzman stepping down as CEO, and Dr. Edith A. Perez exiting as Chief Medical Officer; both Dr. Schatzman and Dr. Perez will continue as advisors. William P. Quinn will take over as the new President and CEO, while Grant Yonehiro is appointed as COO and Sarah Nemec as the Principal Accounting Officer, with respective compensations and bonus structures outlined.
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