BenevolentAI, a MedTech company, is set to reduce headcount by a further 30% and close its US office to optimize capital allocation. Founder Ken Mulvany recently led a boardroom coup, ousting the Chair and three non-executive directors. The company plans to focus on AI-driven drug discovery collaboration and proprietary pipeline revenue generating pillars due to recent successes in these areas. Work on its Knowledge Exploration Tools will cease as it requires significant investment to commercialize. Despite employee reductions, the company retains key skills, experience and capabilities necessary to execute existing or new collaborations. BenevolentAI recently signed a collaboration with Merck KGaA worth a potential $594m. Current CEO Dr Joerg Moeller stated that the company aims to ‘achieve both the goal of delivering value creation for our shareholders and delivering innovative medicines to patients suffering from very serious medical conditions.’
BenevolentAI, a MedTech company, is set to reduce headcount by a further 30% and close its US office to optimize capital allocation. Founder Ken Mulvany recently led a boardroom coup, ousting the Chair and three non-executive directors. The company plans to focus on AI-driven drug discovery collaboration and proprietary pipeline revenue generating pillars due to recent successes in these areas. Work on its Knowledge Exploration Tools will cease as it requires significant investment to commercialize. Despite employee reductions, the company retains key skills, experience and capabilities necessary to execute existing or new collaborations. BenevolentAI recently signed a collaboration with Merck KGaA worth a potential $594m. Current CEO Dr Joerg Moeller stated that the company aims to ‘achieve both the goal of delivering value creation for our shareholders and delivering innovative medicines to patients suffering from very serious medical conditions.’