Finance Watch: Restructurings, Layoffs Reflect Ongoing Uncertainty In Biotech
Even Pharma Feels Pinch As Astellas Takes Losses
Sio Gene, Genocea, Solid Biosciences, Saniona and Black Diamond join First Wave, Zosano, Vallon, Finch, Magenta, ProQR and Imara on the growing list of biopharma firms reducing headcount to make their cash last until valuations return to a level that may support new fundraising.
You may also be interested in...
Cash is available for start-up, growth-stage and public companies through Texas Medical Center’s newly doubled venture fund, a pandemic preparedness initiative and new VC funds. In recent financings, Nutcracker closed a $167m series C round and 2Seventy raised $170m in a private placement.
Pfizer’s Clostridioides difficile vaccine candidate missed a Phase III primary endpoint but the company may seek a path forward based on secondary endpoints even after past failures in the field.
The company is pinning hopes on its Usher syndrome and retinitis pigmentosa programs, but the disconnect between Phase I/II success and Phase II/III failure dented analysts’ enthusiasm.