Shares of Editas Medicine (NASDAQ: EDIT) are sliding today, down by 7.2% as of 11:26 a.m. ET. The decline came after the company announced a big shake-up with its research and development focus.

Editas stated that it won't invest any further in inherited retinal disease programs. These include previous lead pipeline candidate EDIT-101 in treating Leber congenital amaurosis 10 and EDIT-103 in treating rhodopsin-associated autosomal dominant retinitis pigmentosa. The company is also discontinuing funding of its EDIT-202 program targeting solid tumors.

In connection with these changes, Chief Scientific Officer Mark Shearman is leaving Editas effective March 31, 2023. The company has already begun to search for Shearman's replacement. It's also cutting staff by around 20%.

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Source Fool.com