- Extends cash runway
- Realigned to reflect corporate strategic vision
EDINBURGH, Scotland, March 22, 2023 /PRNewswire/ -- TC BioPharm (Holdings) PLC ("TC BioPharm" or the "Company") (NASDAQ:TCBP) a clinical stage biotechnology company developing platform allogeneic gamma-delta T cell therapies for cancer, today announced 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, reflecting a focus on combination trials with TCB-008 as well as the Company's US clinical trial strategy. TCBP will continue to implement additional cost savings programs and review non-dilutive funding options as well as strategic collaborations and partnerships.
"To address the current market realities and the macro headwinds facing biotechnology companies, we are enacting critical plans to protect TC BioPharm's long-term sustainability and ensure our growth plans are properly capitalized," said Bryan Kobel, Chief Executive Officer of TC BioPharm. "The decision to realign our resources, including human capital and cash, and restructure the organization was difficult but will help us focus on the critical programs that are expected to improve the lives of patients and establish long-term value for shareholders."
Kobel continued, "Our restructuring is focused on aligning the business to capitalize on a multitude of opportunities, including combination therapies driven by interest from existing collaborations and partnerships, our CAR modified program with ovarian cancer as our planned indication, as well as strategic and investor feedback. We view our lead asset, TCB-008 as an ideal candidate for numerous areas of the treatment paradigm with patients, leading to a substantial market opportunity across cancer indications and a recurring revenue model. In order for our team to capitalize fully on these potential strategic partnerships, we have taken the necessary steps to reorganize our divisions to reflect both expertise as well as capital needs. We are extremely grateful for their contributions and dedication that have enabled us to advance TCBP and helped laid the foundation for the opportunities we are now looking to capitalize on near term."