Generation Bio Announces Strategic Reorganization to Extend Cash Runway for Development of ctLNP and iqDNA Platforms

• Company to invest in highly selective cell-targeted lipid nanoparticle (ctLNP) delivery platform to develop wholly-owned programs for extrahepatic cell types
  
• Development of immune-quiet DNA (iqDNA) platform for lead hemophilia A program to continue

• Strategic reorganization will result in a 40% reduction of workforce
  
• Anticipated cost savings to extend cash runway into 2H 2027

CAMBRIDGE, Mass., Nov. 29, 2023 (GLOBE NEWSWIRE) -- Generation Bio Co. (Nasdaq:GBIO), a biotechnology company innovating genetic medicines for people living with rare and prevalent diseases, announced a strategic reorganization to prioritize investment in the development of its cell-targeted lipid nanoparticle (ctLNP) delivery system for wholly-owned programs in extrahepatic cell types. Generation Bio intends to continue to develop ctLNP for immune cells as part of its collaboration with Moderna and to develop its immune-quiet DNA (iqDNA) for its lead hemophilia A and other programs.

“Our ctLNP platform has demonstrated uniquely selective ligand-targeted delivery to T cells with minimal off-target uptake. We believe there is a clear path to developing our own programs using ctLNP to reach extrahepatic targets and are realigning our investments to support this,” said Geoff McDonough, M.D., chief executive officer of Generation Bio. “We also remain focused on developing the iqDNA platform for our lead program in hemophilia A as well as for other programs in the liver and beyond. To allow us to reach critical development milestones for these platforms under current market conditions, we are taking the difficult but necessary steps to align our investments with our strategy and to extend our cash runway.”

Dr. McDonough continued: “We are deeply grateful to all our employees who have demonstrated incredible dedication to each other, to our community, and to the millions of people whose lives we aim to significantly improve by pursuing our mission. We are focused on supporting our departing employees through this difficult transition, and on beginning the next stage of our journey.”

The reorganization actions and financial impacts are as follows:

• Streamlining R&D to develop wholly-owned ctLNP programs for extrahepatic cell types
• Continuing to develop immune cell programs with Moderna
• Continuing to develop the iqDNA platform for its lead hemophilia A and other programs
• Extending cash runway into the second half of 2027

The company will reduce its total workforce by 40%, while preserving core R&D capacity. Several of Generation Bio’s leadership team members will also depart as part of the reorganization.