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Investing.com -- Shares of Vor Biopharma (NASDAQ:VOR) tumbled 68.1% following the company’s announcement of a strategic review and the winding down of its clinical and manufacturing operations. The clinical-stage cell and genome engineering firm disclosed that its Board of Directors is exploring a range of strategic alternatives to maximize shareholder value, which may include the sale of assets, licensing, a company sale, a business combination, a merger, or another strategic action.
The decision to cease clinical operations, which includes the discontinuation of ongoing clinical trials, was not prompted by safety concerns with Vor Bio’s product candidates. Instead, it appears to stem from a challenging fundraising environment and the need to conserve resources. In a significant move, Vor Bio has also implemented a workforce reduction of about 95%, retaining only approximately 8 employees to assist with the strategic review and necessary operational wind-down.
As the company navigates through this process, it has engaged Cooley LLP as its legal advisor. Vor Bio has not set a definitive timeline for the completion of its strategic review and has stated that it will not provide updates unless a specific action is approved by the Board or further disclosure is legally required.
Despite the drastic measures announced, the company reported that it had cash, cash equivalents, and marketable securities totaling $91.9 million as of December 31, 2024. Vor Bio is scheduled to report its first-quarter financial results on May 14, 2025, which will be closely watched by investors for further insights into the company’s financial health and strategic direction.
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