STAT+: Arena BioWorks, an ambitious biomedical institute backed by billionaires, abruptly shuts down
\n \t
\n
<\/BR>
\n
\n \t
\n
<\/BR><\/p>\n
Arena BioWorks, the buzzy research institute that launched nearly two years ago with $500 million to support a decade of scientific R&D, is abruptly shutting down, the institute confirmed to STAT.\u00a0<\/p>\n
Approximately 50 staff members, including co-founder Stuart Schreiber and CEO Harvey Berger, will be laid off, according to Schreiber. Arena will no longer conduct scientific research but the company\u2019s scientific discoveries to date will be handed over to its scientists for further development.\u00a0<\/p>\n
The team is still determining how it can advance that work and how much money it might cost to move those projects forward, according to Schreiber. He claimed Arena had made \u201cmajor advances\u201d in oncology, immune disorders, and brain health, but did not provide specifics.\u00a0<\/p>\n
Continue to STAT+ to read the full story\u2026<\/a><\/p>\n<\/div>\n