Applied Molecular Transport Announces Corporate Leadership Change and Process to Explore Strategic Alternatives
SOUTH SAN FRANCISCO, Calif., March 27, 2023 (GLOBE NEWSWIRE) — Applied Molecular Transport Inc. (Nasdaq:AMTI) (AMT), a clinical-stage biopharmaceutical company, today announced that the company’s board of directors approved a workforce reduction of approximately 57% of its employee base and the engagement of MTS Health Partners, L.P. as advisors in a process to explore strategic alternatives for the company. As part of the restructuring, Tahir Mahmood, Ph.D., will leave his post as chief executive officer, but will remain as a board member. Shawn Cross, president and chief operating officer, will now serve as chief executive officer and has been appointed to the board where he will serve as chair.
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