Frequency Therapeutics To Discontinue FX-322 Development Program; To Immediately Reduce Headcount

(RTTNews) - Frequency Therapeutics, Inc. (FREQ) reported clinical results from the placebo-controlled Phase 2b study of FX-322 in individuals with acquired Sensorineural Hearing Loss. The study failed to achieve its primary efficacy endpoint of an improvement in speech perception. There were also no measurable improvements observed in any of the study's secondary endpoints, the company noted.

Frequency Therapeutics said it will now discontinue the FX-322 development program. The company plans to begin clinical program for remyelination in the first half of 2024.

Frequency Therapeutics will reduce headcount, downsizing personnel by approximately 55 percent. The company believes that the restructuring will generate sufficient cost savings to extend its runway into 2025 and enable it to complete a first clinical trial of its MS program in the second half of 2024.

Also, Frequency Therapeutics said CEO David Lucchino is on temporary medical leave after having been hospitalized with bacterial meningitis. The Board has appointed Chris Loose, CSO, as Interim CEO.

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