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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