Prothena announces corporate restructuring, cuts 63% of workforce

Prothena (PRTA) “announced that the company has initiated an approximate 63% reduction in its workforce to substantially reduce its operating costs to those necessary to support its remaining wholly owned programs, its obligations to partnered programs, and its anticipated business development activities. The board, management, and Company’s financial advisors are collectively evaluating a comprehensive range of business options to best serve the interest of its shareholders that consider the implications of multiple recent and upcoming milestones, including: Earlier this week Roche announced that it will advance prasinezumab into Phase 3 development for early-stage Parkinson’s disease; Company expects initial data in August from Phase 1 ASCENT clinical trials of its wholly owned PRX012 program in Alzheimer’s disease; Novo Nordisk (NVO) expects to share data from its Phase 2 clinical trial evaluating coramitug for ATTR-CM in the second half of 2025; Company expects to complete a Phase 1 clinical trial for PRX019 in collaboration with Bristol Myers Squibb (BMY) in 2026; Bristol Myers Squibb expects to complete a Phase 2 TargetTau-1 clinical trial evaluating BMS-986446 in Alzheimer’s disease in 2027; Company has potential to receive up to $105 million in 2026 for clinical milestones from various partnered programs.”