A biopharmaceutical firm in Massachusetts has announced plans to lay off 80 percent of its workforce after reporting a loss of more than $18 million.

Gemini Therapeutics is a firm which focuses on developing therapeutics for age-related macular degeneration.

It reported a $16.4 million loss in the second quarter of 2021, compared to a net loss of $6.8 milliion in the same period of 2020.

READ MORE: CALIFORNIA MORTGAGE FIRM TO LAY OFF MORE THAN 50 WORKERS

The company marked up the losses to an upsurge in operating expenses, which were $5.5 million for the quarter compared to only $1.1 million for the same quarter in 2020.

The company, which is based in Cambridge, made the announced it will lay off 80 percent of its workforce – 24 members of staff.

The aim of the restructure is intended to keep the firm focused on developing GEM307, a novel antibody for human complement factor H protein, a protein important for retinal health.

Gemini intends to continue working on its clinical development.

Another announcement on revealed Jason Meyenburg, Gemini’s CEO, President, and Director, is stepping down but will remain an advisor to the firm.

Meyenberg will be succeeded by Georges Gemayel PHD, as interim president and CEO.

Gemayel was chosen as Gemini’s chair of the board of directors in May 2021.

Gemini said the increased expenses were due to becoming a public company and from increasing headcount.

The company had previously cut 20 percent of its staff in October 2021.

Now that Gemayel will be serving as interim CEO and president, he said he is evaluating “strategic alternatives.”

By the time 2021’s Q3 financial report came around in November, Gemini’s net losses were $18.6 million, and operating expenses were $5.0 million.

Still, there were some rays of hope for the organization.

Its ongoing Phase IIa, multi-center GEM103 research was doing well.

Gemini has not established a deadline for these choices, and the business has stated that it would not make any further comments until the board of directors has decided which path to take.

Gemayel said: “We have decided to reduce the Company’s operations to preserve financial resources until the strategic evaluation process concludes.

Source: Biospace

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