Restructuring Edition: Impel eliminated R&D spending earlier this year to focus on Trudhesa commercialization, but is examining all options, including bankruptcy, as its funding runs out. Also, Alaunos, BioXcel and others announce job cuts and strategic shifts during second quarter updates.

With cash preservation in mind, Rubius will dissolve, while EQRx, Impel, Cybin and Graphite cut jobs. Meanwhile, Jounce is restructuring and it plans to merge with Redx, yet the dually troubled firms MEI Pharma and Infinity will combine, while VBL will disappear in a reverse merger with Notable Labs. 

Cash is available for start-up, growth-stage and public companies through Texas Medical Center’s newly doubled venture fund, a pandemic preparedness initiative and new VC funds. In recent financings, Nutcracker closed a $167m series C round and 2Seventy raised $170m in a private placement. 

The latest drug development news and highlights from the Pink Sheet’s US FDA Performance Tracker.