GTC sustains business with job cuts
This article was originally published in Scrip
Executive Summary
GTC Biotherapeutics is cutting almost 30% of its workforce to help sustain the business on its meagre balance sheet. Despite securing new funding earlier this week, the firm said that it can only support operations through to February next year. The company will reduce its headcount from 154 to 109 people and expects the restructuring to save it up to $6 million. GTC added that it will focus on its key programmes, ATryn and Factor VIIa.