SQZ Biotech slashes headcount by 60% as founder/CEO hits exit — while Synlogic lays off 25%
It’s a tough time for early-stage companies developing highly promising, but largely unproven, new technologies.
Just ask SQZ Biotechnologies and Synlogic. The former is bidding farewell to its founder and CEO and slashing the headcount by 60% as it pivots from its original cell therapy platform to a next-gen approach; the latter — a synthetic biology play founded by MIT’s Jim Collins and Tim Lu — is similarly “optimizing” the company to focus on lead programs. The resulting realignment means 25% of the staffers will be laid off.
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