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.”