TC BioPharm Unveils Corporate Restructuring Plan; To Cut Up To 30% Of Workforce
(RTTNews) - Biotechnology company TC BioPharm (Holdings) plc (TCBP) announced Wednesday a corporate restructuring plan to reduce costs and prioritize its pending lead US clinical programs.
In connection with the restructuring, the Company is reducing its workforce up to 30%, with the majority of the reduction expected to be completed during the first half 2023. The remaining team will support both current and future clinical trials and combination trials of our lead therapeutic TCB-008, as well as the allogeneic CAR modified gamma delta program.
In total, these restructuring actions are expected to result in cost savings in excess of $3 million on an annual basis. This an initial step the Company is taking to reduce its cost structure and to streamline operations in line with an updated corporate strategy.
TCBP will continue to implement additional cost savings programs and review non-dilutive funding options as well as strategic collaborations and partnerships.
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