San Jose, California-based Lykos Therapeutics, a developer of novel therapies and therapeutic approaches to treat mental health conditions, has announced a reorganization to best support the company as it works to address the resubmission of its new drug application to the FDA for midomafetamine capsules for the treatment of post-traumatic stress disorder.
The reorganization will impact 75% of the company's workforce, approximately 100 employees. The decision was driven by the FDA's rejection of the company's attempt to approve the use of MDMA (midomafetamine) capsules for the treatment of post-traumatic stress disorder ("PTSD") in adults.
According to a spokesperson, Lykos’ founder, the psychedelics advocate Rick Doblin, will be departing the company. In addition, the company will be reducing its workforce by approximately 75%, with the remaining team focused on its ongoing clinical development, medical affairs, and engagement with the FDA.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall; why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?