Syn­bio uni­corn Zymer­gen jet­ti­sons found­ing CEO, cuts guid­ance as cus­tomers re­port lead prod­uct does­n't work

Zymer­gen, just months off a $500 mil­lion IPO that put the syn­thet­ic bio firm in rar­i­fied air, has now eject­ed its found­ing CEO and down­grad­ed its rev­enue fore­casts af­ter cus­tomers re­port­ed its lead film prod­uct doesn’t work as ad­ver­tised, the com­pa­ny said Tues­day af­ter­noon.

CEO Josh Hoff­man will leave his role and sac­ri­fice his board seat im­me­di­ate­ly in fa­vor of Jay Flat­ley, the for­mer CEO of Il­lu­mi­na who will take the lead role on an in­ter­im ba­sis as the com­pa­ny con­ducts a search for its next leader.

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