San Diego, California-based Fate Therapeutics, a clinical-stage biopharmaceutical company specializing in the development of cellular immunotherapies for cancer patients, has announced a product realignment and reduction in force after the cancellation of a collaboration agreement with Janssen Biotech.
The personnel re-alignment will impact approximately 220 employees.
According to President and Chief Executive Officer Scott Wolchko, “We are disappointed that we were not able to align with Janssen on their proposal for continuation of our collaboration. As a consequence, in keeping with the Company’s commitment to developing disruptive product candidates, programs, and technologies with the potential to address large, unmet clinical needs, we have prioritized our clinical programs and substantially reduced operating expenses, including taking the difficult and painful step of reducing our workforce, to ensure that we have a three-year cash runway."
"We are greatly saddened to move in this direction as our employees have continually demonstrated the highest level of dedication and commitment in pioneering iPSC-derived cell therapy for patients with cancer. I want to extend my deepest appreciation to all of our employees for their tremendous efforts and wish those employees who will be departing great success in the future.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?