Cidara Therapeutics Restructures Workforce to Focus on Planned Clinical Development of CD388

Rhea-AI Summary

Cidara Therapeutics (Nasdaq: CDTX) has announced a strategic restructuring, reducing its workforce by approximately 30%. This decision aims to focus resources on the clinical development of CD388, their novel drug-Fc conjugate (DFC) candidate for influenza A and B prevention. The company plans to proceed with Phase 2b trials and potential subsequent studies for CD388 as a single-dose, universal preventative.

Cidara continues business development discussions for its oncology DFC programs, including CBO421, a CD73 inhibitor that recently received IND-clearance for a Phase 1 study. The restructuring is expected to substantially reduce capital needs and streamline operations, positioning Cidara for long-term success in its mission to develop innovative immunotherapies for serious diseases.

Positive

• Focus on clinical development of CD388 for influenza A and B prevention
• IND-clearance received for CBO421, allowing Phase 1 study commencement
• Reduction in capital needs through workforce restructuring
• Continued business development discussions for oncology DFC programs

Negative

• 30% workforce reduction
• Potential delay or discontinuation of non-core projects

SAN DIEGO, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (Nasdaq: CDTX), a biotechnology company using its proprietary Cloudbreak^® platform to develop drug-Fc conjugate (DFC) immunotherapies designed to save lives and improve the standard of care for patients facing serious diseases, today announced a reduction in its workforce to focus on the clinical development of CD388, the Company’s novel DFC candidate for influenza A and B. The planned reduction impacts approximately 30% of the Cidara workforce.

These strategic initiatives are expected to substantially reduce capital needs and allow Cidara to focus on its planned Phase 2b and potential subsequent trials investigating CD388 as a single-dose, universal preventative for influenza A and B. The Company continues business development discussions for its oncology DFC programs, including CBO421, a CD73 inhibitor, which recently received IND-clearance to commence a Phase 1 study.

“This workforce reduction was a challenging yet essential decision to ensure that we are using our resources efficiently to position Cidara for long-term success,” said Jeffrey Stein, Ph.D., president and chief executive officer of Cidara. “I would like to express my gratitude to the team members being affected by this restructuring. Their contributions to the company, and the legacy of their dedication to Cidara’s mission will not be forgotten and will continue to shape our work and its impact on patients.”

About Cidara Therapeutics
Cidara Therapeutics is using its proprietary Cloudbreak^® platform to develop novel drug-Fc conjugates (DFCs) comprising targeted small molecules or peptides coupled to a proprietary human antibody fragment (Fc). Cidara’s lead DFC candidate, CD388, is a long-acting antiviral designed to achieve universal prevention of seasonal and pandemic influenza with a single dose by directly inhibiting viral proliferation. In June 2023, CD388 was granted Fast Track Designation by the U.S. Food and Drug Administration (FDA), and the Company plans to advance CD388 into a Phase 2b trial in the 2024 Northern Hemisphere influenza season. Additional DFCs have been developed for oncology and in July 2024 Cidara received IND clearance for CBO421 which will be developed to target CD73 in solid tumors. Cidara is headquartered in San Diego, California. For more information, please visit www.cidara.com.

Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “anticipates,” “expect,” “may,” “believe,” “plan,” or “will”. Forward-looking statements in this release include, but are not limited to, statements related to plans and timing for initiating a Phase 2b clinical trial for CD388, continued business development discussions regarding CBO421 other development candidates and the implementation and impacts of a workforce reduction. Such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, such as unanticipated delays in or negative results from Cidara’s preclinical or clinical trials, unanticipated impacts of the workforce reduction, difficulties in obtaining potential partners or other obstacles to clinical development. These and other risks are identified under the caption “Risk Factors” in Cidara’s most recent Quarterly Report on Form 10-Q and other filings subsequently made with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Cidara does not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.

INVESTOR CONTACT:
Brian Ritchie
LifeSci Advisors
(212) 915-2578
britchie@lifesciadvisors.com

MEDIA CONTACT:
Michael Fitzhugh
LifeSci Communications
mfitzhugh@lifescicomms.com

FAQ

What is the purpose of Cidara Therapeutics' workforce restructuring announced on September 12, 2024?

Cidara Therapeutics (CDTX) is restructuring its workforce to focus resources on the clinical development of CD388, their novel drug-Fc conjugate candidate for influenza A and B prevention. This strategic move aims to reduce capital needs and streamline operations for long-term success.

How many employees are affected by Cidara Therapeutics' workforce reduction?

Cidara Therapeutics (CDTX) announced that the workforce reduction impacts approximately 30% of its employees.

What is the main focus of Cidara Therapeutics (CDTX) after the restructuring?

After the restructuring, Cidara Therapeutics (CDTX) is focusing on the clinical development of CD388, their drug-Fc conjugate candidate for influenza A and B prevention, including planned Phase 2b trials and potential subsequent studies.

What recent progress has Cidara Therapeutics (CDTX) made with its oncology program CBO421?

Cidara Therapeutics (CDTX) recently received IND-clearance for CBO421, a CD73 inhibitor, allowing the company to commence a Phase 1 study. The company continues business development discussions for its oncology DFC programs.