TC BioPharm (Holdings) PLC (NASDAQ: TCBP), a clinical stage biotechnology company developing platform allogeneic gamma-delta T cell therapies for cancer, today announced that the Company is undertaking a series of initiatives to reduce costs and drive efficiency in order to reduce cash burn and expand its financial runway.
The measures include a scaled-down Research and Development to strictly process development for commercial applications and manufacturing; implementing a focused manufacturing platform targeting only product needed to complete ACHIEVE trial in 2024; Further streamlining the organization to drive process-related efficiencies; Reduction of headcount by approximately 50%
Said CEO Bryan Kobel, "Our immediate goal is pursuing the most cost effective and time efficient milestones, which under review will be the ACHIEVE trial currently underway in the UK. These cost reduction initiatives are expected (to) provide us with the necessary time to realize the value the team have created and hopefully for the biotech headwinds to subside. I regret having to launch such a stringent undertaking, but it would be fiscally irresponsible to continue without these measures. This is not a reflection of any of the employees, their hard work or their competency, we have a stellar group of individuals who have continually hit their milestones, unfortunately the public markets continue to be difficult to navigate and as a consequence, these steps are being taken immediately to preserve cash."
TCBP shares faded 25 cents, or 8%, to $2.88.
