Applied Molecular Transport CEO Tahir Mahmood to leave in workforce reduction

Applied Molecular Transport announced that the company’s board of directors approved a workforce reduction of approximately 57% of its employee base and the engagement of MTS Health Partners as advisors in a process to explore strategic alternatives for the company. As part of the restructuring, Tahir Mahmood will leave his post as chief executive officer, but will remain as a board member. Shawn Cross, president and chief operating officer, will now serve as chief executive officer and has been appointed to the board where he will serve as chair. As of February 28, the company had cash and cash equivalents of approximately $47.4M and estimates cumulative severance costs associated with the workforce reductions implemented in March of approximately $4.8M.