Cancer test maker Grail rises on job cuts
** Shares of cancer diagnostic test maker Grail GRAL.O rise 11% to $17.60 premarket
** Grail late on Tuesday said it has cut existing headcount and planned hires for 2024 by about 30%, or about 350 existing jobs, as part of a restructuring plan
** Says co plans to focus on development of its flagship cancer-detection test Galleri and substantially reduce investment in product programs beyond Galleri
** Galleri is a blood test designed to detect more than 50 types of cancer and currently sold only in the U.S.
** Grail expects cost reductions to extend its existing cash runway from the second half of 2026 into 2028 and reduce its burn in 2025 to $325 million
** Up to last close, stock down 9.6% since debut in June
Reporting by Mariam Sunny in Bengaluru
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