A for­mer Gary Glick biotech, now a pen­ny stock, will lay off staff and close of­fices af­ter PhII fail

Pen­ny stock First Wave Bio­Phar­ma is join­ing the lay­off wave fol­low­ing the re­sults of its Phase II tri­al.

The Flori­da-based biotech com­pa­ny, which was sold by en­tre­pre­neur Gary Glick in 2021 to pen­ny stock Azur­Rx and sub­se­quent­ly changed its name to First Wave, is ini­ti­at­ing what it de­scribed as sev­er­al aus­ter­i­ty mea­sures to con­serve cap­i­tal. But rather than de­scribe the changes in a jar­gon-filled press re­lease, CEO James Sapirstein out­lined them in a let­ter.

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