Yumanity chairman Tony Coles

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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