Biotech startup ReNAgade Therapeutics is cutting staff just seven months after raising the largest Series A round in the industry this year.
ReNAgade launched in May with hopes of becoming a one-stop shop for medicines targeting RNA, the genetic blueprints that cells use to make proteins instrumental in numerous diseases. These types of medicines are in high demand following the advent of mRNA vaccines for Covid and RNA-silencing therapies made by companies like Alnylam Pharmaceuticals.
ReNAgade was able to capitalize on that excitement when it raised a $300 million Series A round led by MPM Capital’s BioImpact Capital and F2 Ventures. But in recent days, the company decided to lay off around 10% of its 100-person team, according to a company statement and former employees’ posts on social media.