Cynata Therapeutics has laid off its entire staff after a clinical trial of its stem cell therapy failed to outperform a placebo, dealing a fresh blow to the Melbourne-based biotech.
All six staff, including chief executive Kilian Kelly, were made redundant on Monday, with the board seizing control of the ASX-listed firm effective immediately to preserve its intellectual property.
Dr Kelly will remain on the board as a non-executive director …
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