Lisata Therapeutics has significantly reduced its workforce by approximately 72% following the termination of a merger agreement with Kuva Labs. This drastic measure aims to lower operating expenses and conserve cash for the company's strategic future. The biotech is also pursuing legal action against Kuva Labs, alleging a breach of their merger contract. Lisata is seeking damages and a previously agreed-upon termination fee. Some laid-off employees may be rehired as consultants.
Basking Ridge, New Jersey
https://www.biospace.com/job-trends/lisata-axes-72-of-workforce-following-failed-merger-with-kuva