Run­ning out of cash and kicked out of its HQ by the land­lord, Pixar­Bio hun­kers down and slash­es staff

A year ago Pixar­Bio re­verse merged its way on­to the pub­lic mar­kets, promis­ing to raise tens of mil­lions in cash as it led the way on de­vel­op­ment of a pain ther­a­py that could re­place mor­phine. The com­pa­ny con­fi­dent­ly pre­dict­ed an ap­proval and mar­ket launch in 2018, boast­ing of tech­nol­o­gy that came out of the lab of MIT pro­fes­sor Bob Langer.

And it’s been down­hill ever since.

In a mid-June SEC fil­ing, the biotech says it was forced to give up its leased prop­er­ty in Mass­a­chu­setts, in­clud­ing its head­quar­ters in Med­ford, laid off more than half of its staff as it bled cash and grap­pled with an SEC fraud in­ves­ti­ga­tion, deny­ing any wrong­do­ing. Its staff has been re­duced from 27 to 10 in the first 6 months of this year.

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