GlobeImmune cuts 25% of staff

Roughly six months after raising $17.5 million for Phase III work, Louisville, CO-based GlobeImmune says it has laid of 15 of its 60 employees--or 25 percent.  "Basically we were adjusting the organization for what we are working on," CEO Timothy Rodell tells the Daily Camera. "It was a force of business."

2008 Fierce 15 winner GlobeImmue is developing Tarmogens--targeted molecular immunogens--for diseases like hep C and cancer. The developer has reported promising Phase IIb data for GI-5005 as a treatment for hepatitis C and is testing a second drug--GI-4000--for pancreatic cancer and non-small cell lung cancer. The company inked a pact with Celgene last year to discover new cancer therapies. That deal delivered a $40 million upfront and promised up to $500 million in milestones.

Rodell notes that the layoffs won't affected work on any of the projects. "There will be no discontinuation in any projects," Rodell explains. "We just didn't need the level of resources we have."

- read the report for more

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