Ring Therapeutics, a Flagship Pioneering-backed biotech developing new viral vectors for gene therapy delivery, has cut its staff by just under 50%, a company spokesperson confirmed to Fierce Biotech.
Flagship CEO-partner and Ring CEO Tuyen Ong, M.D., will also be shifting to an advisory role in the new year, according to the spokesperson. Chris McNulty, Ring's chief financial officer and head of corporate strategy, will replace Ong as interim CEO. The changes were first reported by Endpoints News.
The layoffs follow an earlier round of cuts in February, which saw the Cambridge, Massachusetts-based biotech lay off 19 employees, representing less than 20% of the company's workforce at the time.
“We recently made the decision to focus on AnelloBricks, Ring’s proprietary genetic medicine vector platform, which affords exceptional scalability and has the potential to transform genetic medicine,” the spokesperson told Fierce via email. “As a result, we have reduced our current staff to ensure we have the right mix of skills and capabilities to continue to grow as our pipeline progresses and we advance toward the clinic.”
Ring is not deprioritizing other programs, they added, but rather "focusing on the broad potential of AnelloBricks platform capabilities."
AnelloBricks is based on anelloviruses, a family of common single-stranded DNA viruses that haven't been tied to any diseases. Ring thinks its approach offers several benefits compared to current genetic medicines, including diverse variants that can target different organs.
The company shared in March that its anellovirus platform was able to deliver a gene to the retinas of mice, and, in November, Ring called on Singaporean research agencies for an R&D pact meant to develop new gene therapies for eye diseases and cancer. Ring said at the time that the Singapore deal was meant to "accelerate the clinical translation of their AnelloVector therapeutics." The company has yet to reach the clinic with its viral gene vectors.
Ring was founded in 2017 and raised a $117 million series B in 2021, followed by an $86.5 million series C in March 2023.