SQZ Biotechnologies announced a reduction of more than half the company’s staff, and appointed a new CEO after the resignation of its previous one. The company’s research focuses on cell therapies.
The company based in Watertown, announced on Nov. 30, 2022, that Armon Sharei has step down from his role as chief executive officer and the Board of Directors. The Board appointed Howard Bernstein, former Chief Scientific Officer and current director, as interim CEO.
“The Board and I would like to sincerely thank Armon for his vision and leadership at SQZ over the past decade and his willingness to remain available to advise the company and the Board,” said Bernard Coulie, Chairman of the Board at SQZ Biotechnologies. “As we move into our next chapter, I have great confidence in the company’s ability to bring the eAPC program to clinical readout next year and am excited to explore the program’s full potential.”
Sharei co-founded the company in 2013, and invented the company’s Cell Squeeze® platform technology. The company will focus its work on second-generation enhanced Antigen Presenting Cells (eAPC) cell therapy program, according to the announcement from SQZ. The company will also pause its APC, Activating Antigen Carrier (AAC) and Tolerizing Antigen Carrier (TAC) programs.
Additionally, Chief Financial Officer Micah Zajic will step down from his role at SQZ Biotechnologies as of Dec. 31, 2022.
The SQZ Board also approved a restructuring plan for SQZ that will reduce the company’s workforce by about 60 percent. The reductions will “extend the company’s cash runway” in to 2024, according to the company’s announcement.
SQZ is located in the historic former U.S. Army Arsenal Building next to Arsenal Park, and is part of the Arsenal Yards complex.
See the SQZ Biotechnologies announcement by clicking here.
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Best news I’ve read this week. Now if only more of them would follow suit.
Bio-Tech is a very volatile industry that is highly competitive and ultimately dependent on drugs years in development not only being proven a successbut also dependent on receiving final approval from the FDA. Investment costs are staggering.