UK-based AI drug discovery company BenevolentAI has announced to lay off about 180 employees as part of a restructuring plan that resulted from a strategic review, while CFO (Chief Financial Officer) Nicholas Keher has resigned.
According to BusinessCloud, the company will streamline and reorganise operations across two business units — the Tech Business Unit and the Bio Business Unit, as part of a strategic reorganisation.
The reorganisation is projected to generate net cost savings of 45 million pounds, which includes 13 million pounds from facilities and other operating expenses, as well as 32 million pounds in savings from reduced drug programme and staff costs.
These savings are expected to extend the company’s cash runway unt…
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