Cambridge, Massachusetts-based, 2seventy bio, a biotechnology company discovering and developing novel cancer therapies, has announced a strategic restructuring to optimize operations and reduce costs.
The restructuring will impact 40% of the company's workforce or 176 employees.
A company spokesperson noted, “The macro environment for oncology cell therapy companies and the near-term headwinds we have seen in our own business have led us to examine how we pursue our mission. Today we are taking hard but necessary steps to streamline our team and optimize our R&D approach and cost structure.”
According to Chief Operating Officer Chip Baird, “The difficult but necessary changes we are making to our workforce, our programs, and our cost structure reflect our commitment to advancing our pipeline and achieving value-creating milestones with existing cash."
"We expect today’s changes will preserve runway into at least 2026, and we will continue to focus on careful expense management and thoughtful capital allocation while staying true to our mission of driving programs forward for patients in need."
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?