Local penny-stock biotech firm lays off 71% of employees

A Holliston-based biotech company that ’s been developing organ implants to treat cancers in the respiratory tract is laying off 71 percent of its workforce, or 17 employees, after an investor reversed course on plans to buy $3.1 million worth of shares of the company in a private placement. Biostage Inc. (OTC: BSTG) announced the sta ff cuts late Thursday, less than a week after being delisted from the Nasdaq exchange for having too low a stock price. The company’s shares haven’t closed above…
Source: bizjournals.com Health Care:Pharmaceuticals headlines - Category: Pharmaceuticals Authors: Source Type: news