An­oth­er burned-out SPAC biotech rais­es the white flag as CEO de­parts, strate­gic re­view be­gins

Five months af­ter Gem­i­ni CEO Ja­son Meyen­burg spelled out his sur­vival plan for the lit­tle biotech, he’s now out of the pic­ture as the com­pa­ny hun­kers down for a “strate­gic” re­view that will start by ex­tend­ing lay­offs to 80% of the re­main­ing staff.

The com­pa­ny put out word Mon­day morn­ing that Meyen­burg is out as CEO and di­rec­tor. Ex­ec­u­tive chair Georges Gemayel is tak­ing the helm while the biotech re­views al­ter­na­tives. And 24 staffers are be­ing pink-slipped as the com­pa­ny re­duces its fo­cus to IND en­abling work for GEM307.

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