Why Spero Therapeutics Stock Falling In Pre-market?

(RTTNews) - Spero Therapeutics, Inc. (SPRO) said the company will immediately defer current commercialization activities for tebipenem HBr based on feedback from a recent Late Cycle Meeting with the FDA regarding New Drug Application for tebipenem HBr. The discussion suggested that the data package may be insufficient to support approval during this review cycle, the company noted.

Spero also announced that it is undertaking a reduction in workforce by approximately 75% and a restructuring of operations to reduce operating costs and reallocate resources towards the clinical development programs of SPR720 and SPR206.

Shares of Spero Therapeutics were down 70% in pre-market trade on Tuesday.