Digital therapeutics company lays off 35% of workforce

A digital therapeutics company laid off 35% of its workforce. According to a filing with the U.S. Securities and Exchange Commission on March 23, the digital therapeutics startup Better Therapeutics fired 35% of its employees. The company employed 44 people as of its SEC filing at the end of 2021. The business is putting other cost-cutting initiatives in place as it prepares to submit its lead diabetic medication for FDA approval. CEO Frank Karbe stated in an email to staff members that "my long-term outlook for the potential of our digital therapeutics platform, not just in Type 2 diabetes but potentially many other cardiometabolic diseases, remains unchanged. I continue to believe that we will demonstrate the significant medical and commercial potential of our therapeutic approach, including the potential to significantly reduce the cost of care associated with chronic metabolic conditions."