GPC jettisons 38 workers in new round of layoffs

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.

- check out the release

Related Articles:
Struggling GPC looking for merger or acquisition. Report
More takeover targets for Big Pharma. Report
Troubled GPC cuts staff, looks for M&A deals. Report
GPC Biotech reports Q3 results, layoffs. Report
GPC shares crater on Phase III cancer failure. Report
FDA delay forces cutbacks at GPC Biotech. Report
GPC yanks FDA application for satraplatin. Report

Suggested Articles

Janssen’s BCMA-targeting CAR-T therapy eliminated tumors in 69% of patients with advanced multiple myeloma in a small phase 1 study.

In a study, BMS' CAR-T therapy banished tumors in more than half and shrank tumors in nearly three-quarters of relapsed blood cancer patients.

Novartis unveiled more data showing how its asthma combo QMF149 fared against the standard of care: a combination of the same types of drugs.