As sirens blare on biotech public markets, small cell therapy player Gamida plans to axe 10% of staff
With biotech on a major slowdown and funding dried up, small biotechs are having to scramble to cover their bottom lines. In the case of a small Boston cell therapy player, that means some jobs will be on the firing line.
Gamida will terminate 10% of its staff as part of an effort to extend its cash runway for a planned filing for cell therapy omidubicel with the FDA, the biotech said Monday.
Those cuts will accompany a hiring and spending freeze the company plans to put into effect as it hopes to keep the lights on through the middle of 2023, Gamida said. Shares in $GMDA were trading up around 5% early Monday.
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