Updated: Two years after launch, Third Rock-backed neuro startup Faze Medicines is closing its doors — report
In 2020, the biotech market was propelled upward by Covid-19, as money flowed quickly into the industry. In December of that year, Faze Medicines launched with an $81 million Series A and a goal of developing a treatment for ALS and other neurodegenerative diseases through molecular condensates — membraneless, fluidlike schools of protein and nucleic acids that impact a range of cell functions.
Fast forward to 2022. That “sugar high,” as one industry expert put it, has largely stalled, and biotechs have been laying off employees, pruning pipelines, and finding other so-called ‘strategic alternatives.’ And Faze Medicines is shutting its doors, according to employee social media posts and a report in STAT.
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