Key points from article :
Bit.bio, a biotech company based in the U.K., is cutting 25% of its workforce as it changes direction. The company, founded in 2016 as a spinout from the University of Cambridge, will now focus on biomedical research tools rather than developing therapies.
A spokesperson said this move is due to changing market conditions and the need to stick to the company’s core strengths to grow steadily. Bit.bio is now centering its efforts on ioCells—lab-grown human cells created from induced pluripotent stem cells.
These cells are designed to help scientists by reducing time, variability, and inconsistency in research. The company’s core technology, called opti-ox, programs cells with high precision and powers the entire product line. Bit.bio’s new strategy also involves expanding its ioCell catalog and improving the data and protocols that come with it.
The company raised $30 million in funding in December to support this shift and plans to form new partnerships with biotech and pharmaceutical companies. While the company once explored therapies, including work with Bayer’s BlueRock Therapeutics on autoimmune cell therapy, it will now prioritize tools that support drug discovery and basic science. Bit.bio is supported by investors like Arch Venture Partners and Foresite Capital.
