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ARTICLE | Finance

Aug. 31 Quick Takes: Sage downsizes, reveals executive departures

Plus: CCM launches with $25M+ and updates from Kangpu, Clock Bio, MC2, Huadong and RabPharma

August 31, 2023 10:58 PM UTC

As Sage Therapeutics Inc. (NASDAQ:SAGE) prepares to launch Zurzuvae zuranolone in one of the two indications for which it had hoped to win approval, the company is shedding 40% of its staff and prioritizing two clinical R&D programs while pausing some preclinical work. Its aim is to save $240 million and extend its cash runway into 2026. The biotech will continue to invest in NMDA receptor modulator SAGE-718 to treat cognition-related disorders and GABA A receptor modulator SAGE-324 for movement disorders; the latter is partnered with Biogen Inc. (NASDAQ:BIIB). FDA approved Zurzuvae to treat postpartum depression, but issued a complete response letter in major depressive disorder.

With the restructuring, Sage said founding CSO Al Robichaud is leaving the company, as is another founding member of Sage’s team, Chief Development Officer Jim Doherty. Sage is promoting SVP of Discovery Research Mike Quirk to CSO; CMO Laura Gault will take on Doherty’s responsibilities. CBO Chris Benecchi will oversee medical affairs, with Mark Pollack, SVP of medical affairs, leaving to pursue other opportunities...

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