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Applied Molecular Transport Inc. (Nasdaq: AMTI) announces a significant workforce reduction of approximately 57% and has engaged MTS Health Partners, L.P. to explore strategic alternatives. CEO Tahir Mahmood will step down but remain on the board, while COO Shawn Cross will take over as CEO and chair the board. The restructuring will include pausing research and development, particularly the AMT-101 Castro trial in Rheumatoid Arthritis. The company reported cash reserves of about $47.4 million as of February 28, 2023, and estimates severance costs of approximately $4.8 million due to the layoffs.
Applied Molecular Transport Inc. (Nasdaq: AMTI) released its corporate update and financial results for Q4 and full year 2022. The company is focusing on strategic partnerships to advance AMT-101, which has received FDA Orphan Drug Designation for chronic pouchitis. Notable highlights include presenting positive Phase 2 data at ECCO and anticipation of top-line results from the CASTRO trial in Rheumatoid Arthritis. Financially, R&D expenses rose by $18.4 million, while G&A expenses increased by $8.1 million. The net loss for Q4 2022 was $22.6 million, with an annual net loss of $126.3 million. Cash reserves stood at $61.1 million at year-end.
Applied Molecular Transport Inc. (Nasdaq: AMTI) announced new Phase 2 data for oral AMT-101 targeting chronic pouchitis, presented at ECCO ’23. The trial demonstrated AMT-101's gut-restricted pharmacodynamics, with no systemic exposure, showcasing significant immunomodulatory effects at both 3mg and 10mg doses. Key findings included increased tissue levels of IL-10 and enhanced regulatory T cells. The double-blinded trial randomized 22 patients over 12 weeks, reinforcing AMT-101's safety and efficacy. CEO Tahir Mahmood indicated ongoing efforts to secure a strategic partnership for this promising treatment.
Applied Molecular Transport Inc. (AMT) announced mixed results from the Phase 2 LOMBARD trial for AMT-101, a treatment for moderate-to-severe ulcerative colitis (UC). The clinical remission rate was 17.1% for AMT-101, slightly below the 20% observed with placebo. Despite the disappointing results, AMT-101 was well-tolerated, with mild adverse events. The company is preparing for a Phase 1b trial of AMT-126 and is seeking partnerships to advance AMT-101 into Phase 3. As of Q3 2022, AMT reported a strong cash position of $76M.