By Stephen Nakrosis

Shares of Travere Therapeutics were trading higher in Monday's after-hours market, following new the company plans to reduce its workforce by about 20% and focus near-term resources on its ongoing Filspari launch in IgAN and the advancement of pegtibatinase in classical HCU.

The move will extend the company's expected cash runway into 2028, it said.

Travere's stock rose 8.4% to $6.82 after hours. The stock closed the day's regular session at $6.29, losing just over 2%, and was down 70% this year through Monday's close.

Travere said it completed a successful pre-NDA meeting with the U.S. food and Drug Administration for Filspari in IgAN, or Immunoglobulin A Nephropathy, a kidney disease also known as Berger's disease.

Travere also said it will focus on advancing pegtibatinase in classical HCU, also known as homocystinuria due to CBS deficiency, a disorder that can lead to the buildup of certain amino acids in the blood.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

December 04, 2023 16:59 ET (21:59 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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