Qteros Inc layoffs CEO, employees

Qteros Inc., the cellulosic ethanol firm in Marlborough, appears to be undergoing a shakeup, with reports of CEO John McCarthy being fired, along with layoffs for the bulk of the employees and a sale of the company.

Fortune’s Dan Primack first broke the news. The Boston Business Journal pointed to a source who said the company is for sale.

Calls to Qteros were not answered and a call to Qteros board member Jason Matlof of Battery Ventures was not immediately returned.

Qteros has developed a microbe, dubbed Q Microbe, that aims to produce ethanol from non-food feedstocks.

The company appeared to be growing earlier this year. Qteros raised $22 million in January as it formed a partnership deal with Indian ethanol firm Praj, which seemed to indicate a viable commercialization path within two years.

Source: Mass High Tech