By Davit Kirakosyan
Applied Molecular Transport Inc (NASDAQ:AMTI) announced today a workforce reduction of approximately 57% of its employee base and the engagement of MTS Health Partners, L.P. as advisors in a process to explore strategic alternatives for the company.
As part of the restructuring, Tahir Mahmood will leave his CEO position but will remain a board member. He will be replaced by Shawn Cross, current president and COO, who has also been appointed to the board where he will serve as chair.
After an extensive assessment of its clinical programs and the current business environment, the company decided to pause research and development as it closes out existing programs and explore ending the AMT-101 Castro trial in Rheumatoid Arthritis at its current enrollment.
“In parallel, we are in the process of exploring strategic alternatives that may allow for further development of our clinical and earlier-stage programs with internal resources or via partnerships,” said Mr. Cross.