Latest news with #AmplifyBio
Yahoo
6 days ago
- Business
- Yahoo
Shuttered central Ohio biotech firm faces lawsuit from former employees over layoffs
NEW ALBANY, Ohio (WCMH) – A former employee of AmplifyBio is suing the shuttered biotechnology firm, alleging the company laid off its workers without prior notice. The closed research firm that specialized in drug development laid off all 212 of its employees on April 4, the same day it announced its permanent closure on its website. The company had a facility in both New Albany and West Jefferson. Why the Short North may soon charge extra for dining, shopping A lawsuit filed by an ex-employee last week in U.S. District Court for the Southern District of Ohio claims workers were not notified of the layoffs before April 4, the day the terminations occurred. Federal law requires employers with 100 or more staff members to provide a written notice at least 60 days before a mass layoff. The former employee who filed the suit, Taylor Freeman, also alleges that the company did not offer him any severance pay. He filed the class action complaint on behalf of himself and other workers affected by the layoffs, seeking damages amounting to back pay — or wages an employee would have earned if they were not fired — for each day AmplifyBio violated the law, 'plus benefits.' In AmplifyBio's April closure announcement, the company said the decision came after months of 'tireless efforts' to explore all 'investment and acquisition possibilities.' The firm claimed the biotech market has seen a 'significant shift' in recent years, leading to scarce investor financing for early-stage biotech firms. 'It is with deep sadness and gratitude that we announce the closure of AmplifyBio's operations,' the company wrote. Following deputy's death, Morrow County businesses pledge support Battelle, a nonprofit Columbus-based research institute, partnered with investors to launch the for-profit biotech firm in 2021. AmplifyBio raised $200 million from investors, including entities such as JD Vance's venture capital fund Narya Capital and Connecticut-based Viking Global Investors. The company launched its West Jefferson facility at 1425 Plain City-Georgesville Road in 2021, and opened its New Albany facility at 9885 Innovation Campus Way in 2023. The biotech firm briefly drew criticism in 2022 from Rolling Stone magazine and the animal rights group PETA for its animal testing practices. The backlash came after a monkey at the company's West Jefferson facility escaped its enclosure and got stuck in lab equipment, ultimately resulting in its death, according to a United States Department of Agriculture report. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Miami Herald
21-05-2025
- Business
- Miami Herald
Key healthcare company files for Chapter 11 bankruptcy
High levels of debt obligations have led several biotechnology and pharmaceutical companies into financial distress, requiring them to file for bankruptcy and, in many cases, seek sales of their assets. Debtors have often run out of options to obtain capital to refinance debt and will turn to their secured lenders to seek an acquisition of their assets. Don't miss the move: Subscribe to TheStreet's free daily newsletter Biotechnology company bankruptcy filings have been rising over the last two years with firms continuing to file petitions in 2025. Related: Major health care company files for bankruptcy to sell assets Biotech firms filed fewer than 10 bankruptcies each year from 2011 through 2022, but filings began increasing in 2023 with 14 cases and another 13 in 2024. Filings in 2023 were the highest since 2010, when 14 biotech firms filed that year as well. Significant Chapter 11 filings in 2025 have included Omega Therapeutics, which filed its petition on Feb. 10, 2025, with a restructuring support agreement that called for its parent affiliate Pioneering Medicines 08-B to be the stalking-horse bidder with a credit bid of $9.92 million in debtor-in-possession financing, a roll-up of about $1.5 million in prepetition debt, assumed liabilities, and cure amounts. Also, Austin, Texas-based biotechnology company Molecular Templates Inc., which develops cancer treatment drugs, filed for Chapter 11 bankruptcy on April 20, 2025, with plans to hand its assets to its secured lender as part of a restructuring support agreement. Distressed biotechnology company Synthego Corp. filed for Chapter 11 bankruptcy protection on May 5, seeking to sell its assets to its prepetition lender Perceptive Credit Holdings III L.P. in a bankruptcy sale with a stalking-horse bid calling for a credit bid of $74.4 million of debt owed to the lender, as well as a $12.5 million DIP financing. Finally, financially challenged biotechnology company AmplifyBio, which develops next-generation vaccines, medicine, and therapeutics, filed for Chapter 11 protection, seeking to sell all of its assets and liquidate through the bankruptcy process. Related: Another major health care company files for Chapter 11 bankruptcy The West Jefferson, Ohio, debtor filed its petition in the U.S. Bankruptcy Court for the Southern District of Ohio, listing $100 million to $500 million in assets and $50 million to $100 million in liabilities. More bankruptcy: Iconic auto repair chain franchise files Chapter 11 bankruptcyPopular beer brand closes down and files Chapter 7 bankruptcyPopular vodka and gin brand files for Chapter 11 bankruptcy AmplifyBio's largest creditors include certain shareholders, including Battelle Services Co., owed $3.25 million; Battelle Memorial Institute, owed $1.89 million and Kavra 14 LLC, owed $1.8 million. The debtor, which was spun out of Battelle Memorial Institute in 2021, faced persistent financial and operational challenges with high fixed and variable costs, according to a declaration by Chief Restructuring Officer Kasey Rosado. The company reported annual net losses of $26 million in 2022, $56 million in 2023, and $74 million in 2024. AmplifyBio currently has about $3 million in cash on hand and $30 million in unsecured debt obligations. In early February, the debtor defaulted on $28.07 million in debt owed to prepetition secured lender Hercules Capital Inc. The company launched a review of strategic alternatives and determined in April 2025 that its operations were no longer viable and terminated all of its employees. The company seeks to obtain $2.5 million in debtor-in-possession financing from Battell Memorial to fund the company through its sale process in bankruptcy. Related: Another major healthcare company files Chapter 11 bankruptcy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
30-01-2025
- Business
- Yahoo
AmplifyBio Drives Key Conversations at Phacilitate's Advanced Therapy Week in Dallas
WEST JEFFERSON, OHIO / / January 30, 2025 / AmplifyBio, a leading preclinical CRO and CDMO played a pivotal role in shaping discussions at Phacilitate's Advanced Therapy Week, held January 20-23 in Dallas, Texas. As usual, the event brought together global experts to discuss challenges and potential solutions to accelerate the commercialization of advanced therapies. J. Kelly Ganjei, CEO of AmplifyBio, moderated a session titled "The CAR-T Story and the Future of Cell Therapies." Joined by Dr. Bruce Levine from the University of Pennsylvania, Lana Shiu of Kite Pharma, Boro Dropulic of Caring Cross, and a cancer survivor who is receiving CAR-T therapies on an ongoing basis, the panel explored critical topics such as breakthroughs in CAR-T for solid tumor cancers, regulatory compliance, the challenges of long-term patient monitoring, cost control, and how to increase accessibility. Kelly led a robust conversation while inserting the lessons he has learned on the importance of advanced data solutions and keeping product characterization central to a commercialization strategy. In addition to leading the discussion on CAR-T therapy, Kelly participated in a roundtable titled "Migrating GMP Manufacturing Facilities from Clinical to Commercial Compliance." Alongside representatives from cGMPNow, CDMOs, and industry drug developers, the group addressed key differences between clinical and commercial compliance. The discussion highlighted the importance of facility design, robust contamination control strategies, and fostering a culture of problem-solving and accountability. Attendees gained valuable insights into navigating inspections and the significance of service providers committing to external reviews for continuous improvement. AmplifyBio also hosted a dinner roundtable event to explore the "Hoteling" Model for Advanced Therapy Manufacturing. The session brought together drug developers to examine the benefits and challenges of hoteling and hybrid staffing models in CGT manufacturing, where clients can be on-site to collaborate directly with CDMO experts. AmplifyBio employees shared lessons learned from working in the CDMO industry on some of the first cell and gene therapy products to reach the clinic, underscoring the flexibility and communication improvements that could come from client and provider staff being more cohesive. There was broad consensus that while outsourcing is convenient and cost-effective, there are times when hoteling and hybrid staff strategies drive efficiency and scalability in advanced therapy manufacturing. "We are committed to collaborating with the advanced therapy community to overcome challenges and create safer, more efficient paths to commercialization," said J. Kelly Ganjei. "We always want to be where these critical conversations are happening so we can be more effective partners and ultimately improve patient outcomes." AmplifyBio's presence extended to the exhibit floor, where the commercial team engaged with current and potential partners. The company highlighted its comprehensive discovery, safety, and manufacturing services designed to streamline the commercialization of cell therapies, gene therapies, mRNA therapies, and plasmid production. For more information about AmplifyBio's services and future engagements, visit About AmplifyBioAmplifyBio is a preclinical CRO and CDMO organization founded on the principle that all development and scale-up of advanced modality drugs should be done with commercial and clinical goals in mind. AmplifyBio launched with an initial offering of industry-leading preclinical toxicology, safety, and efficacy testing in an agile environment with analytics capabilities that serve the dynamic safety requirements of modern modalities. Since then, they have developed drug characterization and optimization service capabilities and opened a GMP manufacturing facility to provide complete concept-to-commercial partnerships for commercializing advanced therapies. Contact Information Kimberly LaPointe Director of Marketingklapointe@ Madeleine Moench madeleine@ SOURCE: AmplifyBio View the original press release on ACCESS Newswire Sign in to access your portfolio
