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Benzinga

Vandana Singh

Yumanity Cuts 60% Of Its Workforce, Explores Strategic Alternatives

Yumanity Therapeutics Inc (NASDAQ:YMTX) is exploring strategic alternatives. The Company has engaged H.C. Wainwright as its exclusive financial advisor to assist in this process.

In addition, the Board of Directors has approved a strategic restructuring to preserve capital.
As part of the restructuring, the Company anticipates eliminating approximately 60% of its workforce, to be completed by April, among other actions to reduce cash burn while the Company explores strategic alternatives.
Related: Yumanity Shares Fall On FDA Hold On Multidose Trials In Parkinson's Disease.
The Company also expects to incur a non-recurring charge of approximately $0.4 million in Q1 FY22 related to the restructuring.
Price Action: YMTX shares are down 13.80% at $1.53 during the market session on the last check Thursday.

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