AM I NEXT? NO LOVE AT PTC THERAPEUTICS

South Plainfield, New Jersey-based PTC Therapeutics, a pharmaceutical company focused on the development of orally administered small molecule drugs and gene therapy, has announced plans for a cost-cutting and restructuring initiative, including a 25% reduction in its workforce

The reduction in force will impact approximately 350 employees, primarily working on early-stage research programs and those at its gene therapy manufacturing facility located in Hopewell, New Jersey. "The Company plans to substantially complete the reduction in workforce by January 15, 2024."

This is the second round of layoffs this year.

The decision appears to be driven by a regulatory setback for its drug Translarna, used to combat Duchenne muscular dystrophy.

According to an SEC filing, "On September 28, 2023, PTC Therapeutics, Inc. announced further strategic prioritization following the continued review of its portfolio that the Company began in May 2023. In connection with the strategic prioritization, on September 28, 2023, the Company committed to a reduction in workforce of approximately 25%, which will primarily affect employees in the United States, including those employees involved in early-stage research and gene therapy manufacturing and associated selling, general and administrative functions."

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?

AM I NEXT? NO LOVE AT KINNATE BIOPHARMA

San Diego, California-based Kinnate Biopharma, a biotechnology company focused on targeted cancer therapies, has announced a major restructuring that will see a 70% reduction in its workforce.

Approximately 40 employees were impacted.

Nima Farzan, chief executive officer of Kinnate Biopharma, commented, “Today, we are taking hard but necessary steps to streamline our programs, team, and operations in order to advance our research and deliver meaningful benefits to patients and shareholders alike. These decisions reflect the current financing environment, oncology regulatory landscape, and development timelines. We believe that reprioritizing our programs is the most effective approach to unlock the full promise of our innovative therapies.”

"Kinnate will implement a corporate restructuring by reducing the Company’s workforce by approximately 70%. The Company expects to have 28 remaining full-time employees. The Company is also taking related measures to reduce operating expenses. This includes separating from all employees of its wholly-owned subsidiary in China, Kinnjiu Biopharma."

"The reprioritization plan unfortunately impacts our workforce. It is undoubtedly difficult to part with our valued and highly talented employees who have made substantial contributions to our company. I want to thank each one of them for their dedication to Kinnate and our mission.”

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?

AM I NEXT? NO LOVE AT 2SEVENTY BIO

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?