San Carlos, California-based Iovance Biotherapeutics, a biotechnology company focusing on developing tumor-infiltrating lymphocyte therapies against cancer, has announced a 19% reduction in its workforce to conserve cash.
The reduction will impact 230 employees, including both full-time employees and contractors.
According to a spokesperson, “After careful evaluation of our long-term goals, operational needs, and resources, we have implemented a strategic restructuring that includes a selective reduction in force to support our mission to innovate, develop and deliver TIL cell therapy to patients in need. This restructuring will extend our cash runway, and we remain on track to deliver on our financial goals.”
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, nor promises of a bright future. We see good people being laid off through no fault of their own. Just because something terrible hasn't happened yet doesn't mean it won't. It can happen to anyone, at any time, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall, why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?