Finch Therapeutics’ attempt to make crapsules that help prevent the recurrence of a bacterial infection is nearing the end of the road.
For the third time in nine months, the Boston-area biotech will lay off staffers, this time 95%, which equates to 77 employees.
As the economy ebbs and flows, pharma and biotech companies alike are feeling the pressure to cut costs. From rapid inflation to the ever-changing regulatory landscape, many are looking for ways to reduce their burn rate.
One way to do this is by reducing staff, and so far, the layoff trend has continued into the second half of 2022. For that and more, continue reading.
Finch may be an inch underground at this point.
Somerville, MA-based Finch Therapeutics has had a rough year, starting with the FDA slapping a clinical hold on its late-stage C. difficile treatment in March. While that hold was lifted at the end of April, it had already taken its toll, with Finch laying off 37 of its workers and cutting its hepatitis B program in the interim.
Following the termination of a multi-year collaboration with Takeda Pharmaceutical, Finch Therapeutics has regained the rights to two assets, FIN-524 and FIN-525, assessed for forms of inflammatory bowel disease.
Finch Therapeutics’ lead program may fly again.
The microbiome company announced Thursday that the FDA lifted a two-month hold on clinical trials for its experimental treatment for recurrent C. diff, a potentially fatal bacterial infection. Although the company still has to take several steps before it can resume its pivotal study, the lift removes an unusual pandemic-related hurdle for Finch as the biotech looks to get its first therapy over the finish line and stabilize a precarious financial situation.
Finch Therapeutics has joined the ranks of biotechs that are narrowing their focus. With its lead program under clinical hold, the microbiome specialist has pulled out of a planned study in chronic hepatitis B.
Finch Therapeutics' phase 3 trial for a Clostridioides difficile med has been placed on clinical hold by the FDA as the agency requests more information on how the biotech screens the donor-derived microbiome therapy for the virus that causes COVID-19.
After a slow couple of weeks, the biotech IPO market is heating back up with four more companies hitting Nasdaq.
Instil Bio, Connect Biopharma, Finch Therapeutics and Gain Therapeutics are this week’s winners, with the fearsome foursome all making their public debuts Thursday or Friday. Instil led the way with a heavily upsized $320 million raise, marking the second-biggest IPO raise of 2021 behind Sana, and Connect and Finch also pulled in nine-figure funding.
Biotech IPOs are still coming in all sorts of flavors these days.
Just look at what’s on the menu from Friday: There’s Finch Therapeutics, which needs the money to complete a second pivotal trial and start plotting commercialization of its microbiome-based products; Connect Biopharma, a Chinese outfit going through mid-stage studies in T cell-driven inflammatory diseases; Instil Bio, whose team is trying to ride a compassionate use program with their autologous tumor infiltrating lymphocytes straight into Phase II; Transcode Therapeutics, an under-the-radar cancer therapy developer leveraging multiple RNA modalities; and then there’s a SPAC — Foresite Capital’s third.
When Seres Therapeutics reported positive late-stage data for its experimental microbiome treatment last month, scientists at Finch Therapeutics cheered the results from the rival company whose lead drug candidate addresses the same gut infection they aim to treat.