Syncona Shs GBP (GB:SYNC) has released an update.
Syncona Ltd, a leading life science investor, reports that Achilles Therapeutics, in which it holds a 24.5% stake, is discontinuing its lead TIL-based cNeT cancer treatment program due to lack of competitive advantage, and is shutting down associated clinical trials. Achilles is now refocusing its strategy on exploring collaborations with third parties developing alternative cancer treatments and has engaged BofA Securities to advise on potential strategic alternatives, including mergers or asset sales. Meanwhile, cost-reduction efforts are underway, including proposed staff reductions, as the company reported having $95.1 million in cash as of June 2024.
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