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May 25, 2022

Branford’s BiomX to cut 50% of workforce

Photo | BiomX website BiomX CEO Jonathan Solomon
By Liese Klein

In a sign the market downtown is impacting local bioscience firms, Branford’s BiomX announced a “corporate restructuring plan” that would cut 50% of its workforce. 

Based in Israel but with a U.S. facility in Branford, BiomX focuses on the drug-development applications of the microbiome, the community of microorganisms that live in the body and on the skin.

The restructuring will "focus its resources and extend the cash runway," BiomX said in a statement that cites current market conditions. The company said it had $55.7 million in cash, cash equivalents and short-term deposits and a $15 million debt facility as of March 31, 2022. 

The number and locations of the layoffs were not disclosed.

In addition to staff cuts, BiomX said it would scale back its programs and prioritize research on cystic fibrosis treatments. A program investigating treatments for atopic dermatitis will be delayed, the company said. 

CEO Jonathan Solomon said, “In light of the challenges our industry faces, we have decided to maximize the value of our current cash resources and reduce our operating expenses to better focus our efforts.”

Solomon said the company’s Phase 1b/2a study of BX004, a treatment for cystic fibrosis, is on track and results are expected in the third quarter of 2022. 

“Looking ahead, we believe that conserving our financial resources and achieving positive clinical results are the most important corporate objectives for the next several months,” Solomon said. “By implementing these steps, we believe BiomX will remain on a clear and solid path towards generating increased value for our shareholders.”

Headquartered in Ness Ziona, Israel BiomX opened a Branford location at 36 E. Industrial Road in September as a base for its clinical team. 

The company reported disappointing results last fall in a Phase 2 cosmetic trial for a topical gel that uses a biome-based cocktail for the treatment of acne. 

Contact Liese Klein at lklein@newhavenbiz.com.

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