From Fairbanks CEO Dr. Alan Schneyer:
When Governor Baker instituted the state of emergency in Massachusetts, Fairbanks remained in operation, with reduced staffing and limited contact in the laboratory, with the unfortunate result of decreased rate of progress. However with the recent award of a Payroll Protection Program loan, all Fairbanks employees are back at work, although with a limit of one technician per day to minimize chances of COVID-19 contagion. We are very grateful for the long hours spent by Middlesex Savings Bank to approve, process, and submit our loan application.
Despite our reduced presence during this period, we have continued our work toward a second generation antibody to FSTL3 and initiated a program to develop a monkey version of this antibody, which will fast-track our path to in vivo proof of concept. With this new approach, our diabetes therapy will be a more attractive and de-risked opportunity for investors.