PTC Therapeutics Cuts 25% Of Jobs; To Submit Re-examination Request For CHMP Opinion On Translarna

(RTTNews) - PTC Therapeutics Inc. (PTCT) said that workforce reduction impacted about 25% of the organization. The company also confirmed its plans to submit the re-examination request for the CHMP opinion on Translarna.

"We remain confident that we have the data to address the concerns raised by CHMP in its negative opinion," said Matthew Klein, Chief Executive Officer, PTC Therapeutics.

In Mid-September, PTC Therapeutics said the Committee for Medicinal Products for Human Use or CHMP of the European Medicines Agency gave a negative opinion to its conditional authorization and full marketing authorization of Translarna for the treatment of nonsense mutation Duchenne muscular dystrophy.

Meanwhile, the company said Thursday that the workforce reduction impacted approximately 25% of the organization, and primarily included employees working on early-stage research programs, employees at the gene therapy manufacturing facility located in Hopewell, NJ and associated SG&A functions. Implementation of the cost saving measures is expected to result in an about 20% reduction in annualized operating expenses compared to 2023 OPEX guidance.

PTCT closed Thursday's regular trading at $22.66 down $0.61 or 2.62%. But in the after-hours trade, the stock gained $1.08 or 4.77%.