Yumanity's ugly demise continues with plans to axe 60% of staff in search for 'strategic alternatives'
Yumanity, a one-time neurology darling that has fallen far from grace, will fire 60% of its staff as part of a search for “strategic alternatives” amid the speedy demise of the company’s market cap, the biotech said in a release.
Yumanity said it will take an expansive approach to potential alternatives, possibly pursuing a reverse merger or outright acquisition if the money is right. The biotech went public in late 2020 as part of a reverse merger deal with another struggling company, cystic fibrosis player Proteostasis Therapeutics, but the influx of public cash did nothing to stop the bleeding.
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