Infinity Pharmaceuticals lays off 78% of staff, shrinks board after MEI merger fail

In­fin­i­ty Phar­ma­ceu­ti­cals is scram­bling to re­duce its “burn rate” af­ter the pro­posed merg­er with MEI Phar­ma fell through, turn­ing to lay­offs and a down­sized board of di­rec­tors in the at­tempt, it an­nounced Tues­day.

In­fin­i­ty laid off about 78% of its work­force — 21 em­ploy­ees — and three board mem­bers left, while the rest agreed to fin­ish out their terms with­out get­ting paid af­ter MEI had to scrap the merg­er on Mon­day be­cause of a lack of share­hold­er sup­port. About 2.05 mil­lion shares dis­ap­proved of the com­bi­na­tion, and 1.9 mil­lion shares were cast in sup­port.

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