Ma­gen­ta CEO ex­its, 84% of staff let go as shut­ter­ing looms

Af­ter a pa­tient death, Ma­gen­ta Ther­a­peu­tics scrapped its stem cell trans­plant drug and went search­ing for al­ter­na­tives last week. As it seeks an ex­it, the biotech has now laid off 56 peo­ple.

That equates to 84% of the biotech’s work­force, in­clud­ing near­ly the en­tire ex­ec­u­tive bench: co-founder, CEO and pres­i­dent Ja­son Gard­ner, as well as Ma­gen­ta’s tech­ni­cal chief, com­mer­cial leader, lead peo­ple of­fi­cer and clin­i­cal de­vel­op­ment head, per an SEC fil­ing.

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