02.23.23
Jounce Therapeutics, Inc., a clinical-stage company focused on the discovery and development of novel cancer immunotherapies and predictive biomarkers, is reducing its workforce by approximately 57 percent.
The reduction is scheduled to be completed by March 31, 2023.
The decision was made because Jounce believes advancement of its clinical programs, JTX-8064 and vopratelimab, requires funding and a scope that the company cannot pursue on its own and will be seeking business development opportunities for both programs.
“We believe data in both the SELECT and INNATE clinical trials is intriguing, but to date neither study has demonstrated clinical activity sufficient to create the value necessary for Jounce to independently advance these programs to the next stage of development,” said Richard Murray, CEO and president of Jounce Therapeutics. “We believe a company with additional resources and a longer value creation timeline could potentially advance these programs, for the benefit of cancer patients.”
Murray added: “Although reducing our workforce was a difficult decision, we are incredibly proud of the work of the entire Jounce team and would like to thank our talented employees impacted today for their dedication and contributions in support of our mission to benefit cancer patients.”
Jounce expects to incur a non-recurring charge of approximately $11.2 million in the first quarter of 2023 related to the restructuring.
The reduction is scheduled to be completed by March 31, 2023.
The decision was made because Jounce believes advancement of its clinical programs, JTX-8064 and vopratelimab, requires funding and a scope that the company cannot pursue on its own and will be seeking business development opportunities for both programs.
“We believe data in both the SELECT and INNATE clinical trials is intriguing, but to date neither study has demonstrated clinical activity sufficient to create the value necessary for Jounce to independently advance these programs to the next stage of development,” said Richard Murray, CEO and president of Jounce Therapeutics. “We believe a company with additional resources and a longer value creation timeline could potentially advance these programs, for the benefit of cancer patients.”
Murray added: “Although reducing our workforce was a difficult decision, we are incredibly proud of the work of the entire Jounce team and would like to thank our talented employees impacted today for their dedication and contributions in support of our mission to benefit cancer patients.”
Jounce expects to incur a non-recurring charge of approximately $11.2 million in the first quarter of 2023 related to the restructuring.