UPDATED: 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.
Keep reading Endpoints with a free subscription
Unlock this story instantly and join 118,600+ biopharma pros reading Endpoints daily — and it's free.