Synlogic (SYBX) has released an update.
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In a bold move to cut costs and maximize shareholder value, a company has announced a drastic 90% workforce reduction to be finalized by March 31, 2024, expecting to incur around $6 million in related costs. Amid these changes, the President and CEO, Dr. Aoife Brennan, will step down and transition to a consulting role, having also resigned from the Board. Furthermore, the company is discontinuing a major study for a potential treatment, signaling a shift in operations and a search for strategic alternatives.
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