Trubion Pharmaceuticals To Cut 25% Of Workforce
The company said it is making the move, "In the face of continuing uncertainty in the capital markets and the global economy." Following the restructuring, Trubion said it will continue to invest in the development of its proprietary program, TRU-016, and the "efficient and timely advancement of select preclinical assets that it believes will have the greatest opportunity for value creation."
Trubion said it will also continue to support the programs developed under a collaboration with Wyeth, including TRU-015, SBI-087 and other undisclosed product candidates. Trubion said it "remains dedicated to its Wyeth partnership and will continue to allocate resources to support its clinical and research commitments under the collaboration."
The company said it will record estimated charges of around $0.8 million in the first quarter of 2009 in connection with one-time work-force reduction costs, including severance and other benefits.
Trubion said it will release financial results for the fourth quarter and year ended December 31, 2008, on March 12, after market close.
Seattle-based Trubion is a biopharmaceutical company that is creating a pipeline of novel protein therapeutic product candidates to treat autoimmune and inflammatory diseases and cancer.
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