Jasper Therapeutics falls after halting clinical programs

Shares of drug developer Jasper Therapeutics JSPR.O down 5.6% to $2.85

Co says it is reducing its workforce by 50% and implementing a corporate reorganization, along with cost-cutting measures, to extend its cash runway

JSPR also says it is halting other clinical and preclinical programs in order to focus on its experimental drug Briquilimab

Briquilimab is an experimental drug that is being tested as a treatment for chronic urticaria, a condition where people have itchy, persistent hives for six weeks or longer. It works by targeting specific immune cells that are involved in causing the hives and inflammation

Edwin Tucker is departing as the chief medical officer, effective August 1, and Daniel Adelman is set to replace him- Jasper Therapeutics

As of last close, JSPR was down 86.2% YTD