Biotech investment firm RA Capital has laid off staff at its internal startup incubator, STAT has learned, highlighting the instability among VCs as the biotech industry struggles to right itself.
The cuts hit RA Ventures, or Raven, an incubator that creates and supports biotech startups. The Raven team has launched several biotechs over the years, including Aliada Therapeutics and Mariana Oncology, both of which were acquired last year.
But in recent months, RA Capital has asked all of its companies to re-evaluate their operations, on the assumption that cash will be harder to come by. As a result, Raven laid off an undisclosed number of staffers, according to two sources, one of whom described it as a “belt-tightening, not cutting into bone.”
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