Cidara Eliminates 30% Of Workforce To Prioritize Clinical Development Of CD388; Stock Down

(RTTNews) - Cidara Therapeutics Inc. (CDTX) has announced a reduction in its workforce by approximately 30% to concentrate on advancing the clinical development of CD388, the company's innovative DFC candidate targeting influenza A and B.

The 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 drug-Fc conjugate (DFC) programs, including CBO421, a CD73 inhibitor, which recently received IND-clearance to commence a Phase 1 study.

CDTX closed Thursday's regular trading at $11.35 down $0.27 or 2.32%. In the after-hours trading, the stock further dropped $0.49 or 4.35%.