BOSTON, Oct. 12, 2022 (GLOBE NEWSWIRE) — GreenLight Biosciences (Nasdaq: GRNA), a public benefit corporation that strives to provide effective and safe solutions to make food clean and affordable for everyone and that dedicated to developing healthcare solutions for every person on our planet, today announced a realignment to focus on key drivers of near-term value and expand its cash trail.
Key changes include optimizing GreenLight’s organizational structure to better serve the company’s operations and more effectively support the research, development and commercialization of its plant health and human health pipelines, primarily by integrating the GreenLight platform team in the respective teams for human health and plant health. These integrations are accompanied by a reduction in the workforce of approximately 25%.
In recent months, GreenLight’s human health team announced large-scale mRNA manufacturing with Samsung Biologics and launched partnerships to develop vaccines with the National Institutes of Health’s Vaccine Research Center and with the Serum Institute of India.
The plant health team demonstrated unique field control of fungal pathogens such as powdery mildew, with efficacy comparable to chemical standards. The team also made progress in the development of RNA-based seed treatments, in partnership with Germains Seed Technology. Field trials of GreenLight’s proprietary pollinator solution to protect bees showed similar or better varroa destructor mite control than a leading chemical alternative after 12 weeks.
“Our goals, ambition and mission remain unchanged as we refine the focus of our work on current market conditions,” said Andrey Zarur, CEO of GreenLight. “The integration and streamlining of teams will help extend our track 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 expanding the pipeline, which includes fungicides and insecticides. A particular focus will be on advancing the registration and commercialization of the first-ever foliar applied RNA for crop protection, Calantha™, GreenLight’s solution for Colorado potato beetle control. We will also pursue regulatory submission of GreenLight’s solution targeting varroa mites, which are decimating bee colonies worldwide.
For human health, our continued focus remains on achieving proof of concept for GreenLight’s technology platform with our Covid vaccine and advancing our shingles program in collaboration with the Serum Institute of India. Following the work on Covid and shingles, GreenLight plans to continue working on research programs addressing unmet medical needs in low- 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 influenza – to closer opportunities. of marketing. We are also reorganizing our operations to maximize the efficiency of our team, which we hope will reduce our facilities and other general and administrative costs over time. Workforce reductions are expected to generate savings of approximately $13 million in direct personnel costs in 2023. In addition, we anticipate savings in other direct and indirect cost areas.
“This realignment follows a series of cost reduction 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 solve some of the world’s biggest problems by harnessing 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 bees and a range of crops. The Company’s platform is protected by numerous patents. GreenLight’s human health product candidates are in the preclinical stage, and its agricultural market product candidates 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 through our website (www.greenlightbiosciences.com), the Investor Relations website (https://investors.greenlightbio.com/) and the media (Twitter and LinkedIn), including but not limited to investor presentations and investor information sheets, documents filed with the United States Securities and Exchange Commission, press releases, public conference calls and webcasts. The information that GreenLight posts on these channels and websites could be considered material information. Accordingly, GreenLight encourages investors, the media and others interested in GreenLight to regularly review the information posted on these channels, including the Investor Relations website. This list of channels may be updated from time to time on the GreenLight Investor Relations website and may include additional social media channels. The content of GreenLight’s website or such channels, or any other website accessible from its website or such channels, shall not be deemed incorporated by reference in any filing under securities law. of 1933, as amended.
Certain statements contained in this press release may constitute “forward-looking statements” for purposes of federal securities laws. Our forward-looking statements include, but are not limited to, statements regarding our expectations, hopes, beliefs, intentions or strategies or those of our management team regarding the future, including those relating to timing 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 technologies based on RNA by regulators and the public, our ability to productively raise and deploy capital and the speed at which we can successfully bring products to market, our projected cash flow and ability to secure financing for our operations if needed. Forward-looking statements include statements relating to our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statement that refers to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, is a forward-looking statement. The words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “could”, ” plan”, “possible”, “potential”, “predict”, “project”, “should”, “shall”, “would” and similar expressions may identify forward-looking statements, but the absence of such words does not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs regarding future developments and their potential effects. There can be no assurance that future developments affecting us will be those anticipated by us. 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 differ materially from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the factors described under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K filed with the SEC, as well as discussions of the risks potentials, 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 one of our assumptions prove incorrect, actual results may differ materially from those projected in these forward-looking statements. Some of these risks and uncertainties may in the future be magnified 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 of these risks. Our forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless necessary. under applicable securities laws. For more information about GreenLight and the potential risks associated with investing, please see our public documents at https://investors.greenlightbio.com/financial-information/sec-filings
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