Entero Therapeutics Inc. in Boca Raton, FL, which changed its name from First Wave BioPharma, Inc. in May after the company completed its all-stock merger with ImmunogenX, said in a 1 August filing with the US Securities and Exchange Commission (SEC) that it has terminated all of its non-essential employees, will vacate its Boca Raton offices and will pause all non-essential R&D activities while it searches for strategic alternatives, which may include raising capital restructuring its debt or other restructuring options. (Also see "First Wave To Merge With ImmunogenX With Focus On Celiac Disease" - Scrip, 18 December, 2023.) The layoffs include CEO James Sapirstein, president Jack Syage and chief financial officer Sarah Romano; Sapirstein will continue to work as an advisor to the company at a rate of $400 per hour. Entero also disclosed in the SEC filing that the company is in default on $7m in debt previously held by ImmunogenX. In addition, the company said that after the resignation of two members of its board of directors, Entero is non-compliant with Nasdaq rules requiring at least three independent board members.

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