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Finance Watch: More Job Cuts As Companies Prioritize Cash Conservation

BridgeBio Sold PRV After Workforce Reduction

 
• By Mandy Jackson

Public Company Edition: Applied Molecular Transport, Scholar Rock, Agios and others join many of their peers in revising their strategies and downsizing their teams. Also, Zentalis grossed $200m from a follow-on offering and OKYO Pharma went public in the year’s smallest biopharma IPO in the US. 

Finance Watch Public Company
• Source: Alamy

Going public has been a lucrative means of raising cash for hundreds of biopharmaceutical companies during the past few years, but with biotech stock valuations plummeting it has become increasingly difficult to raise cash through follow-on offerings. That is largely why Applied Molecular Transport, Inc. (AMT) and other biopharma firms have restructured and cut jobs this year.

AMT said on 18 May that it will reduce its workforce by 40% to 81 full-time employees as the company focuses on its late-stage clinical development programs and related chemistry, manufacturing and controls (CMC) activities, while pausing earlier-stage research programs

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