GreenLight Biosciences announces realignment to focus on near-term value drivers

GreenLight Biosciences announces realignment to focus on near-term value drivers

GreenLight Biosciences (Nasdaq: GRNA), a public benefit corporation striving to bring effective and safe solutions to make food clean and affordable for everyone and dedicated to developing health solutions for every person on our planet, today announced a realignment to focus on key near-term value drivers and extend its cash runway.

Key changes include further optimizing GreenLight's organizational structure to better serve the company's operations and more efficiently support the research, development and commercialization of its plant health and human health pipelines, primarily by integrating GreenLight's platform team into the respective teams for human health and plant health. These integrations come with a staff reduction of approximately 25%.

In recent months, GreenLight's human health team announced manufacturing mRNA at scale with Samsung Biologics and launched partnerships to develop vaccines with the Vaccine Research Center at the National Institutes of Health and with Serum Institute of India.

The plant health team has demonstrated first-of-a-kind field control of fungal pathogens such as Powdery Mildew, with effectiveness on a par with chemical standards. The team has also progressed work to develop RNA seed treatments, partnering with Germains Seed Technology. Field trials of GreenLight's proprietary pollinator solution to protect honeybees showed control of varroa destructor mite similar or superior to a leading chemical alternative after 12 weeks.

"Our goals, ambition and mission remain unchanged as we hone the focus of our work to current market conditions," said Andrey Zarur, CEO of GreenLight. "The integration and streamlining of teams will help extend our runway and allow us to better focus on our near-term value drivers for human health and plant health."

For plant health, we continue to work on broadening the pipeline, which includes fungicides and insecticides. There will be particular emphasis on advancing registration and commercialization of the first-ever foliar-applied RNA for crop protection, Calantha™, GreenLight's solution for control of the Colorado potato beetle. We will also continue towards regulatory submission of GreenLight's solution targeting varroa mites, which are decimating honeybee colonies around the globe.

For human health, our ongoing focus remains on obtaining proof of concept of GreenLight's technology platform with our Covid vaccine and advancing our shingles program in collaboration with Serum Institute of India. Following on the Covid and shingles work, GreenLight plans to continue to work on research programs addressing unmet medical needs in lower and middle income countries.

As a result of this realignment, GreenLight will shift its focus from early-stage research programs—including our gene therapy program for sickle cell disease and our programs for antibody therapy and supra-seasonal flu—to opportunities that are nearer to commercialization. We are also reorganizing our operations in order to maximize the efficiency of our team, which we expect will reduce our facilities and other SG&A costs over time. The reductions in headcount are expected to generate savings of approximately $13 million in direct employee costs in 2023. In addition, we expect there will be savings from other direct and indirect cost areas.

"This realignment comes following a range of cost cutting measures instituted earlier this year and will help us better position GreenLight for longer-term growth," said Andrey Zarur, CEO of GreenLight. "For me, personally, it is heartbreaking to say goodbye to such incredibly talented and valued colleagues and we sincerely appreciate their dedication and contributions to GreenLight."

About GreenLight Biosciences

GreenLight Biosciences (Nasdaq: GRNA) aims to address some of the world's biggest problems by delivering on the full potential of RNA for human health and agriculture. Our RNA platform allows us to research, design, and manufacture for human, animal, and plant health. In human health, this includes messenger RNA vaccines and therapeutics. In agriculture, this includes RNA to protect honeybees and a range of crops. The Company's platform is protected by numerous patents. GreenLight's human health product candidates are in the pre-clinical stage, and its product candidates for the agriculture market are in the early stages of development or regulatory review.

Availability of Other Information About GreenLight Biosciences

Investors and others should note that we communicate with our investors and the public using our website (www.greenlightbiosciences.com), the investor relations website (https://investors.greenlightbio.com/), and on social media (Twitter and LinkedIn), including but not limited to investor presentations and investor fact sheets, U.S. Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that GreenLight posts on these channels and websites could be deemed to be material information. As a result, GreenLight encourages investors, the media, and others interested in GreenLight to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on GreenLight's investor relations website and may include additional social media channels. The contents of GreenLight's website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Forward Looking Statements

Certain statements in this press release may constitute "forward-looking statements" for purposes of the federal securities laws. Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future, including those relating to the timing of and costs associated with our planned restructuring, and the benefits we expect to receive from the restructuring, the success, cost and timing of our research and development activities in our plant and human health programs, the acceptance of RNA-based technologies by regulators and the public, our ability to raise and productively deploy capital and the rate at which we can successfully bring products to market, our projected cash runway and our ability to obtain funding for our operations when needed. Forward-looking statements include statements relating to our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading "Risk Factors" in the Company's most recent Annual Report on Form 10-K filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors included in our Quarterly Reports on Form 10-Q, periodic filings on Form 8-K, and any of our future filings with the SEC. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Some of these risks and uncertainties may in the future be amplified by the ongoing COVID-19 pandemic and there may be additional risks that we consider immaterial, or which are unknown. It is not possible to predict or identify all such risks. Our forward-looking statements only speak as of the date they are made, and we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. For additional information on GreenLight and potential risks associated with investing, please see our public filings at https://investors.greenlightbio.com/financial-information/sec-filings

Media Contact:
Thomas Crampton
SVP Corporate Affairs
GreenLight Biosciences
press@greenlightbio.com

Investor Contact:
investors@greenlightbio.com
https://investors.greenlightbio.com/

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2fdcfbb0-1ca8-445b-bfbb-2d696216481c


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

GRNA
The Conversation (0)
GreenLight Biosciences Announces Third Quarter 2022 Financial Results and Highlights Recent Company Progress

GreenLight Biosciences Announces Third Quarter 2022 Financial Results and Highlights Recent Company Progress

  • Working toward clinical trial initiation for COVID vaccine candidate in 2023
  • Shingles vaccine candidate selection planned for 2023 in partnership with Serum Institute of India
  • Calantha™, Colorado potato beetle solution, commercial launch planned for 2023, subject to regulatory approval
  • Honeybee solution EPA submission planned for 2023
  • Strategic realignment focused on near-term value drivers.

GreenLight Biosciences Holdings, PBC (Nasdaq:GRNA), a public benefit corporation striving to bring effective and safe solutions to make food clean and affordable for everyone and dedicated to developing health solutions for every person on our planet, today reported operational highlights and financial results for the third quarter ended September 30, 2022.

"We continue to make progress against our key goals, which include obtaining proof-of-concept for our mRNA platform in human health and progressing late-stage plant health programs toward commercialization. This quarter we carried out a strategic realignment to better optimize our R&D efforts and prioritize our nearer-term value drivers. These efficiencies, combined with our August financing, will help us navigate today's challenging market conditions," said Andrey Zarur, CEO of GreenLight. "In 2023, pending EPA approval, we anticipate bringing Calantha™, the first-ever foliar-applied RNA solution for crop protection, to market and submitting a regulatory application for our honeybee solution. In addition, we are pursuing potential opportunities to enable us to initiate clinical trials for our COVID-19 vaccine candidate and continuing to work with Serum Institute of India (SII) on identifying and developing a shingles vaccine candidate."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
GreenLight Biosciences to Participate in Upcoming Investor Conferences in November

GreenLight Biosciences to Participate in Upcoming Investor Conferences in November

GreenLight Biosciences (Nasdaq: GRNA), a public benefit corporation striving to deliver on the potential of RNA to address some of the world's toughest problems in human health and agriculture, today announced that Dr. Andrey Zarur, CEO, and Susan Keefe, CFO will participate in two upcoming investor conferences in November.

Credit Suisse 31 st Annual Healthcare Conference
Date: Tuesday, November 8, 2022
Location: Rancho Palos Verdes, CA – GreenLight to participate virtually

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
GreenLight Biosciences and Queensland University of Technology partner to tackle destructive fall armyworm using RNA

GreenLight Biosciences and Queensland University of Technology partner to tackle destructive fall armyworm using RNA

  • GreenLight Biosciences and Queensland University of Technology (QUT) partner to create a solution for fall armyworm

  • Fall armyworm is one of the most destructive insect pests on the planet, causing more than US$2 billion in annual crop loss worldwide

  • The Australian government has been searching for a more environmentally-friendly solution to fall armyworm and is supporting the partnership with a AUD$400,000 grant

Researchers from Boston's GreenLight Biosciences and the Queensland University of Technology (QUT) in Brisbane, Australia, have announced an agreement to develop a solution to fall armyworm, which causes more than US$2 billion in annual global crop loss.

The partnership includes an Australian government grant to QUT of more than AUD$400,000 from the Australian Research Council. It brings together the teams of two preeminent researchers, Dr. Julia Bally and Professor Peter Waterhouse from the QUT Centre for Agriculture and the Bioeconomy , and GreenLight's Plant Health research and development team.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
GreenLight Biosciences Announces Second Quarter 2022 Financial Results and Highlights Recent Company Progress

GreenLight Biosciences Announces Second Quarter 2022 Financial Results and Highlights Recent Company Progress

GreenLight Biosciences (Nasdaq: GRNA), a public benefit corporation striving to bring effective and safe solutions to make food clean and affordable for everyone and dedicated to developing health solutions for every person in our planet, today reported operational highlights and financial results for the second quarter ended June 30, 2022.

"GreenLight's RNA platform has continued to prove its value for developing a wide range of solutions to feeding the world and keeping it healthy. We founded GreenLight to change the world, and we have continued to make progress this quarter," said Andrey Zarur, CEO of GreenLight. "Today, we are pleased to announce a capital infusion of $108.4 million. We are grateful for the support, continued faith, and trust of our longtime investors. We also welcome new investors who have decided to join GreenLight in our mission to help feed the world and keep it healthy. This will allow us to continue to make progress across our pipeline.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
GreenLight Biosciences announces $109 million financing

GreenLight Biosciences announces $109 million financing

GreenLight Biosciences (Nasdaq: GRNA), a public benefit corporation striving to bring effective and safe solutions to make food clean and affordable for everyone and dedicated to developing health solutions for every person on our planet, today announced a private placement of approximately $109 million.

"GreenLight's RNA platform has continued to prove its value as our research and development addresses a wide range of solutions to the world's challenges," said Andrey Zarur, CEO of GreenLight. "We are grateful for the support, conviction, and trust of our returning investors. We are also delighted to welcome new investors who have decided to join GreenLight in our mission to feed the world and keep it healthy.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Hydralyte

Execution of Variation to Facility Agreement with PURE Asset Management, Company to Seek a Sale Transaction

Hydration solutions company The Hydration Pharmaceuticals Company Limited (ASX: HPC) (Hydralyte North America or the Company) advises that today it has signed a variation to its facility agreement with boutique asset manager and existing substantial shareholder PURE Asset Management Pty Ltd as trustee for The Income and Growth Fund (PURE or PURE Asset Management) as previously announced to the market on 17 October 2022 (Original PURE Facility).

Keep reading...Show less

Viemed Healthcare Announces Record 2023 Financial Results

Viemed Healthcare, Inc. (the "Company" or "Viemed") (NASDAQ:VMD), a national leader in respiratory care and technology-enabled home medical equipment services, announced today that it has reported its financial results for the three months and year ended December 31, 2023.

Operational highlights (all dollar amounts are USD):

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Hydralyte

Appendix 4E – Preliminary Final Report

Hydration solutions company, The Hydration Pharmaceuticals Company Limited (ASX: HPC) (“Hydralyte North America” or “the Company”), is pleased to report on its activities and cash flows for the 12 months ending 31 December 2023 (FY2023).

Keep reading...Show less
Hand reaching out to healthcare symbols.

Healthcare Stocks: 5 Biggest Companies in 2024

Healthcare is one of the world's most critical sectors, and healthcare stocks offer an opportunity to invest in companies that are making a difference in people’s lives while also providing a steady stream of returns.

Healthcare companies operate in a highly competitive, highly regulated environment. Often at the forefront of innovation in medicine and healthcare technology, the sector has seen a boom of activity in recent years, driven in part by advancements in technology, namely artificial intelligence, machine learning and quantum computing.

Here the Investing News Network has rounded up the biggest healthcare stocks by market cap. Data was collected using TradingView’s stock screener and was accurate as of February 7, 2024.

Keep reading...Show less
Hydralyte

Q4 FY23 Quarterly Report and Appendix 4C: Net Cash Used in Operating Activities Down 56% YoY to Record Low

Hydration solutions company The Hydration Pharmaceuticals Company Limited (ASX: HPC) (“Hydralyte” or “the Company”) is pleased to provide the following update on its operational and financial performance for the three-month period ended 31 December 2023 (the “quarter”).
Keep reading...Show less
  Tryp Therapeutics Inc

Tryp Therapeutics Announces First Patient Dosed in Phase 2a Clinical Trial for the Treatment of Fibromyalgia at The University of Michigan

Tryp Therapeutics Inc. ("Tryp" or the "Company") (CSE:TRYP), a clinical-stage biotechnology company focused on developing intravenous-infused psilocin (the active metabolite of psilocybin) for diseases with high unmet medical needs,is pleased to announce that the first patient has been dosed in a Phase 2a clinical trial being conducted by the University of Michigan in a collaboration with Tryp Therapeutics. The clinical trial is evaluating Tryp's TRP-8802 in patients with fibromyalgia.

Keep reading...Show less

Latest Press Releases

Related News

×