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Akoya Biosciences Reduces Workforce; Plans to Raise $44M in Public Offering

This article has been updated to note a workforce reduction by Akoya Biosciences and to include comments from the company. 

NEW YORK – Akoya Biosciences said on Wednesday afternoon that it has reduced its headcount "in connection with certain operating expense cost savings initiatives." The company also said it plans to raise $43.5 million in a public offering.

In a filing with the US Securities and Exchange Commission, the Marlborough, Massachusetts-based spatial biology firm disclosed that as part of the workforce reduction, it has terminated Chief People Officer Marilee Moy and Chief Medical Officer Ehab El-Gabry.

The terminations were "not the result of any disagreement" between the company and Moy or El-Gabry, who are entitled to severance payments pursuant to the company’s severance plan unless otherwise agreed, Akoya said. 

An Akoya spokesperson said the company believes the planned capital raise provides meaningful strength to the balance sheet and sufficient capital to reach profitability. 

The spokesperson also noted in a statement to GenomeWeb that the company has completed a moderate restructuring across all levels and departments as part of its effort to drive efficiency. The spokesperson, however, declined to provide further details on the restructuring or the number of staff terminated, but noted the workforce reduction can be assumed to fall below reporting requirements for public companies.

On Thursday morning, Akoya also priced a public offering that is expected to raise approximately $43.5 million in gross proceeds.

The firm is offering 8,700,000 shares of its common stock at a public offering price of $5.00 per share. Akoya said it has also granted the underwriters a 30-day option to purchase up to an additional 1,305,000 shares of its common stock at the public offering price.

The public offering is expected to close on June 12, 2023, subject to customary closing conditions. Morgan Stanley and Piper Sandler are acting as joint bookrunning managers.

Akoya said it plans to use the money raised for "working capital and general corporate purposes" and may also use the funds for "acquisitions of, or strategic investments in, complementary businesses, products, services, or technologies."

As of March 31, Akoya had $60.2 million in cash and cash equivalents.

In afternoon trading on the Nasdaq, Akoya's shares were down almost 4 percent at $5.36.