Five years and $100 million in, a biotech startup pivots
Decibel Therapeutics, founded in 2015 to prevent hearing loss, is shifting its mission and parting ways with its well-known CEO in the process.
As STAT’s Kate Sheridan reports, Decibel’s efforts will now focus on regenerating the damaged cells and structures in the ear that cause hearing and balance disorders. And Steven Holtzman, the former Biogen executive who joined the company in 2016, is retiring.
Decibel has raised more than $100 million since its founding, and it’s going to need more money this year to keep its work going. That’s in part why Holtzman is stepping down.
“As we were coming into this year and we were looking at another round of financing and whatnot — my view is, those people coming in on the next round have a right to expect the CEO is going to sign up for three to five years,” he said.
Read more.
As STAT’s Kate Sheridan reports, Decibel’s efforts will now focus on regenerating the damaged cells and structures in the ear that cause hearing and balance disorders. And Steven Holtzman, the former Biogen executive who joined the company in 2016, is retiring.
Decibel has raised more than $100 million since its founding, and it’s going to need more money this year to keep its work going. That’s in part why Holtzman is stepping down.
“As we were coming into this year and we were looking at another round of financing and whatnot — my view is, those people coming in on the next round have a right to expect the CEO is going to sign up for three to five years,” he said.
Read more.
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