(KRON) -- The future of one biotech company on the Peninsula is drastically changing. Unity Biotechnology is laying off its entire workforce, the company announced Monday in a press release.
The reduction in workforce includes Unity Biotechnology's Chief Executive Officer, Chief Financial Officer and Chief Legal Officer. According to the release, these three executives are transitioning to consulting roles to "support in evaluation of strategic alternatives and orderly transition of management roles."
The layoffs come after a review of Unity Biotechnology's 36-week results. The Board of Directors approved the plan to slash its workforce "while reducing operational cash burn."
"As part of the operating plan, (the company) will be implementing a reduction in force affecting all of its workforce, with certain consulting arrangements in place to close down the ASPIRE study," Unity Biotechnology said in a news release.
Unity Biotechnology said the company will explore the sale of its assets and technologies.
In the press release, Unity Biotechnology did not announce any plans to file for bankruptcy. Despite the announced reduction in workforce, Unity Biotechnology's layoffs are not found in the latest WARN report.
$100K is low-income in San Francisco, according to reportAt one point, Unity Biotechnology was valued at $700 million, according to a Forbes report in 2018. The company went public in May 2018.
Unity Biotechnology is located at 285 E Grand Ave. in South San Francisco. The corporation's mission is to develop therapeutics to "slow, halt or reverse diseases of aging."
The full press release from the company announcing the layoffs can be viewed here.
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