Strug­gling pen­ny stock biotech lays off 40% of staffers to stay afloat — for a few more weeks

The clock is tick­ing for pen­ny stock biotech Clarus Ther­a­peu­tics.

With $19.2 mil­lion left in the bank and $40.5 mil­lion of se­nior notes payable, the com­pa­ny is pulling out all the stops to stay afloat — ax­ing 40% of its work­force and clos­ing down R&D pro­grams while it ex­plores strate­gic al­ter­na­tives. Clarus al­so de­cid­ed to com­bine the po­si­tions of chief fi­nan­cial of­fi­cer and chief ad­min­is­tra­tive of­fi­cer. As a re­sult, CFO Richard Pe­ter­son will leave the com­pa­ny while CAO Steven Bourne picks up his job.

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