Akoya Biosciences terminates two C-suite executives, as it seeks $44M in funding
PHOTO | Courtesy of Akoya Biosciences
A quantitative pathology workspace at Akoya Biosciences in Marlborough
Marlborough firm Akoya Biosciences has eliminated two C-suite positions as part of an initiative to cut its expenses, as it aims to raise $43.5 million in additional funding.
The company’s chief people officer and chief medical officer were terminated on June 7, according to an SEC filing from the company. Marilee Moy joined Akoya as the chief people officer in January 2022, according to the company’s website. Dr. Ehab El-Gabry became the inaugural chief medical officer at Akoya in April 2022.
“On June 7, 2023, the Company executed a reduction in force in connection with certain operating expense cost savings initiatives,” reads the SEC filing.
Akoya Biosciences did not respond to WBJ request for comment on Friday morning, and it is not clear what, if any, additional measures will be taken related to the cost-saving initiative.
The company is planning a public offering of 8.7 million shares of its stock at $5 per share, according to a Thursday press release. Akoya anticipates $43.5 million in gross proceeds, which will be used by the company for working capital and general corporate purposes, according to the release.
Both Moy and El-Gabry are entitled to severance pay, according to the SEC filing, and the termination was not related to a disagreement between either executive and the company. In May, Akoya reported a loss of $18.8 million in the first quarter of 2023, despite record revenue.
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