Lyndra lays off 23% of workers, to outsource manufacturing as it approaches pivotal readout next month
Lyndra Therapeutics is letting go about 23% of its workforce as the Boston-area biotech seeks to trim operational costs ahead of a pivotal trial readout for a weekly version of the schizophrenia drug risperidone, a spokesperson for the company told Endpoints News.
The biotech had about 120 employees in June when then-president and operating chief Jessica Ballinger told Endpoints the company was eyeing $180 million in a Series D financing to gear up for a 2025 NDA filing and potential launch in 2026 of the longer-acting schizophrenia medication, named LYN-005. Ballinger was promoted to CEO a month later.
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