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CAMBRIDGE, Mass.—Victoria Eatwell, the Chief Financial Officer of 2seventy bio, Inc. (NASDAQ:TSVT), a biotechnology company currently valued at $136 million, recently sold shares of the company's common stock, according to a regulatory filing. The transactions, which took place on January 3 and January 6, involved the sale of a total of 1,110 shares, amounting to approximately $3,243.
The sales were executed at weighted average prices ranging from $2.7785 to $2.9359 per share. Following these transactions, Eatwell holds 338,979 shares of 2seventy bio, Inc. The sales were conducted to cover tax withholding obligations related to the vesting of restricted stock units.
In other recent news, 2seventy bio announced significant growth in its third quarter of 2024, with a 42% increase in U.S. revenues for its CAR-T therapy Abecma, reaching $77 million. This surge is credited to the expansion in the third-line treatment setting and FDA approval. The company also reported a substantial decrease in operating expenses and a streamlined focus on Abecma, following the sale of other R&D pipelines. With a current burn rate of approximately $10 million, 2seventy bio is moving towards breakeven operations, potentially as early as 2025.
These recent developments also include a strategic collaboration with Bristol-Myers Squibb (NYSE:BMY) to optimize Abecma's cost structure and improve operating margin cash flow. The company's future plans involve maintaining its competitive presence in the CAR-T market and increasing Abecma's reach. Projected U.S. revenues for Abecma are estimated to be $240 million to $250 million for 2024. Furthermore, 2seventy bio anticipates further reduction in operating expenses and a cash runway extending beyond 2027. Despite facing potential challenges in the fourth quarter due to increased competition and reduced CAR-T infusion schedules during the U.S. holiday season, the company remains optimistic about its steady demand and market share for Abecma.
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