Vyant Bio Commences a Cash Preservation Plan Including a Reduction in Force
Vyant Bio, is an innovative biotechnology company reinventing drug discovery for complex neurodevelopmental and neurodegenerative disorders. The Company’s proprietary central nervous system (“CNS”) drug discovery platform combines human-derived organoid models of brain disease, scaled biology, and machine learning. Today, Vyant Bio announced that on January 31, 2023 its Board of Directors determined it was appropriate to conduct a reduction in force as soon as practical so as to preserve cash to allow the Company, through its advisors including LifeSci Capital, to continue to pursue satisfactory strategic alternative transactions and/or execute an orderly wind down of the Company, if necessary.
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John A. Roberts, President and Chief Executive Officer and Robert T. Fremeau, Jr. Ph.D., Chief Scientific Officer agreed in principle with the Company to step down from their respective positions, effective as of February 3, 2023, to preserve cash for the execution of an orderly wind down process. Mr. Roberts will remain a member of the Board of Directors of the Company.
The Company’s Board of Directors has appointed Andrew D. C. LaFrence, currently the Company’s Chief Financial Officer, to assume the position of President and Chief Executive Officer to lead the Company through this period of transition.
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“The Company’s Board and Management believe that it is prudent to allow time for LifeSci Capital to continue its mandate of exploring potential strategic transactions while providing for prudent cash management in the event strategic alternatives fail to materialize and an orderly wind down of the Company’s operations becomes necessary,” said Andy LaFrence, Chief Financial Officer of Vyant Bio.”
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