Lykos to cut 75% of its workforce after FDA setback for MDMA-based PTSD drug

08/15/2024

Less than a minute

2024.08.15 15:52

(Reuters) -Lykos Therapeutics said on Thursday it would reduce its workforce by 75% and initiate some executive changes, days after the U.S. Food and Drug Administration declined approval for its MDMA-based treatment for post-traumatic stress disorder.

© Reuters. FILE PHOTO: Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. REUTERS/Andrew Kelly/File Photo

Lykos, formerly known as MAPS Public Benefit Corp, said its founder Rick Doblin was leaving the company’s board.

It said it was bringing in David Hough, former vice president for research and development at Johnson & Johnson (NYSE:), to lead and oversee Lykos’s clinical development program.

08/15/2024

Less than a minute

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