- BiomX Inc (NYSE:PHGE) announced a corporate restructuring plan to focus its resources and extend the cash runway. The company had $55.7 million in cash, cash equivalents, short-term deposits, and a $15 million debt facility as of March 31.
- The restructuring will extend the company's capital resources at least until the middle of 2024.
- BiomX will reduce its operating costs, including a 50% reduction in personnel, while prioritizing the ongoing cystic fibrosis program.
- Read Next: BiomX's Acne Vulgaris Treatment Fails To Top Vehicle Treatment Cohort.
- The company said its Phase 1b/2a CF study of BX004 is progressing and remains on track, with data readout from part 1 of the study expected in Q3 of 2022.
- Data readout from part 2 of the study is expected in Q1 of 2023.
- While the restructuring will cause a delay in BiomX's atopic dermatitis program, it currently plans to support a range of activities that will continue to move this program forward and expects to provide a more detailed program update later in the year.
- Price Action: PHGE shares traded 17.20% higher at $0.94 premarket on the lat check Tuesday.
