Miragen lays off 26 in cost-cutting move

BOULDER  — Miragen Therapeutics Inc. (Nasdaq: MGEN) will lay off 26 employees as part of a restructuring plan.

The Boulder-based chemotherapy company announced those layoffs in its quarterly filings with the U.S. Securities and Exchange Commission. The company said it will now focus on its blood cancer and fibrosis therapies and reduce investment in producing new drug candidates.

The company also reported that French pharmaceutical company Servier is ending its joint research agreement with Miragen on an RNA-targeting therapy for heart disease. That deal, which was inked in 2011, will officially close next February, and Miragen is expected to pay the transition costs.

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It’s unclear in what departments those laid off employees work or how much the company plans to save from the restructuring. A Miragen spokesman did not return a request for comment Wednesday afternoon.

Miragen reported $2,514,000 in revenue, beating Wall Street estimates by $2.32 million, and lost 29 cents per share, beating analyst estimates of a 37 cent-per-share loss. The company posted a net loss of $8,896,000 for the quarter. It has $48,782,000 in total assets.