Cargo Therapeutics (CRGX) provided an update regarding its ongoing evaluation of strategic options following the discontinuation of FIRCE-1, a Phase 2 study of firicabtagene autoleucel. The company’s board of directors has made the decision to suspend development efforts of both CRG-023 and Cargo’s allogeneic platform and has appointed Anup Radhakrishnan as interim CEO to lead the company through a reverse merger or other business combination. Accordingly, Cargo has engaged TD Cowen as the company’s exclusive strategic financial advisor. In connection with this’ announcement, the company is also further reducing its workforce by approximately 90%. As of December 31, 2024, the Company’s cash, cash equivalents and marketable securities totaled $368.1M.
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