Ava­lo Ther­a­peu­tics to lay off 33% of staff amidst mar­ket strug­gles and pen­ny stock sta­tus

Ava­lo Ther­a­peu­tics is con­tin­u­ing to hit bumps in its jour­ney as it is ex­e­cut­ing a work­force re­duc­tion to fo­cus more on its pipeline.

The Rockville, MD-based biotech an­nounced that it would be com­mit­ting to a staff re­duc­tion in March. Ac­cord­ing to the com­pa­ny, it will be re­duc­ing its head­count by a third to tight­en its fi­nan­cial belt. The com­pa­ny al­so stat­ed that this move would help it suc­cess­ful­ly achieve its ob­jec­tives for the rest of the year. Ac­cord­ing to a Form 10-K fil­ing, the com­pa­ny had 44 em­ploy­ees at the end of 2021.

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