Lykos Therapeutics, whose MDMA-assisted psychotherapy for post-traumatic stress disorder was rejected late last week by U.S. regulators, announced Thursday that it would cut 75% of its staff, and that the company’s founder would step down from its board.
“We take to heart the FDA’s decision and the additional work we will need to do to bring this pioneering therapy to market,” Jeff George, chairman of the board, said in a statement.
Before the cuts, Lykos said it had about 100 employees. Now, its remaining staff will focus on clinical development, medical affairs, and working with the FDA on moving forward on a new drug application for MDMA capsules to treat PTSD.
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