Finch Therapeutics Announces Decision to Discontinue Phase 3 Trial of CP101 and Focus on Realizing the Value of Its Intellectual Property Estate and Other Assets

SOMERVILLE, Mass., Jan. 24, 2023 (GLOBE NEWSWIRE) — Finch Therapeutics Group, Inc. (the “Company,” “Finch,” or “Finch Therapeutics”) (Nasdaq:FNCH) today announced its decision to discontinue the PRISM4 Phase 3 trial of CP101 in recurrent C. difficile infection (CDI) and focus on realizing the value of its intellectual property estate and other assets. This decision follows an assessment by Finch’s management team and board of directors of several factors, including the Company’s outlook for securing additional capital or partnerships to help fund the CP101 program through important milestones, slower than anticipated enrollment in the PRISM4 trial, the harmful impact of ongoing unauthorized use of the Company’s intellectual property, and broader sector trends. As a result of this decision, Finch is reducing its workforce by approximately 95%. The majority of impacted roles will end in February 2023, while some roles are expected to be maintained into May 2023 to support the Company’s new focus and continued evaluation of opportunities to create value for shareholders.

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