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Nov. 20, 2019, 4:55 p.m. EST

Shares of Neon Therapeutics rise on restructuring plans

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By Jaimy Lee

SPX

Shares of Neon Therapeutics were up 19% in after-hours trading Wednesday after the company announced a corporate restructuring that includes cutting 24% of its workforce. Neon, which employs about 100 workers, now plans to focus on developing T-cell therapies and is halting new spending on its cancer vaccine programs. The Cambridge, Mass.-based biotech said it expects $35 million in annualized cost savings, and severance and restructuring charges will result in pre-tax charges of $1.5 million. Shares of Neon have tumbled 71% year-to-date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.45% is up 24%.

/zigman2/quotes/210599714/realtime
US : S&P US
3,130.01
+14.15 +0.45%
Volume: 0.00
July 2, 2020 5:19p
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