No-Mad
- The U.K.-based nanocap biotech TC Biopharm (NASDAQ:TCBP) announced a major restructuring initiative on Wednesday indicating plans to reduce up to 30% of its staff count, mostly within the first half of 2023.
- The company expects to realize more than $3M in annual cost savings from the program, which it said was launched due to current market conditions and macro factors.
- "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," Chief Executive Bryan Kobel said.
- The company intends to direct remaining employees to develop its lead candidate TCB-008 and advance its allogeneic CAR-modified gamma delta cell therapy program.
- Early this year, TC Biopharm (TCBP) announced it had yet to regain compliance with the Nasdaq listing rule related to minimum market value of listed securities.