GPC Biotech's failure to get an FDA approval on satraplatin for cancer will cost the jobs of another 38 of its employees. GPC announced its first round of cuts last November. The new layoffs will preserve enough working capital for three years worth of work, says the developer. In addition to the latest cuts, COO Elmar Maier and the senior vice president of business development, Sebastian Meier-Ewert, are resigning from the management board but will remain as advisers. GPC's remaining work force will consist of 14 workers in Munich and 49 in Princeton.
"We have implemented a comprehensive strategic plan which includes a sharper focus on what we believe are our most promising oncology development programs and a further reduction of the company's cost structure,'' CEO Bernd Seizinger said.
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