Yumanity Cuts 60% Of Its Workforce, Explores Strategic Alternatives

Yumanity Therapeutics Inc 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.