Aug 17, 2023

Durham gene editing firm strikes big deal; it’s ‘right-sized;’ 80 employees exit

Posted by in categories: bioengineering, biotech/medical, finance

DURHAM – A big licensing deal potentially worth hundreds of millions of dollars with an Austrlia-based company at the same time also has triggered what Precision Biosciences calls a “right-sized” organization of the company.

“Prior to the announcement, we had 190 employees, with 110 going forward with Precision. Most of the 80 employees went with Imugene, with the remainder parting ways with a reduction in force,” Mei Burris, director of investor relations and finance for the company,” told WRAL TechWire.

What “right-sized” means was not immediately explained in the company’s announcement Tuesday night after the markets closed. The company’s stock is trading at under $1 and it lost $12 million in its most recent quarter ending June 30.

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