Exton’s Fibrocell Science Cuts Workforce in Half
Exton’s Fibrocell Science has let go of 24 employees and is actively looking for a buyer for azficel-T, its experimental treatment for vocal cord scarring, writes John George for Philadelphia Business Journal.
These cuts represent half of the company’s workforce, but are mostly limited to the manufacturing and quality operations for azficel-T at its Chester County plant. They are a direct result of the drug failing to meet a sufficient level of effectiveness during mid-stage clinical testing.
Chairman and CEO of Fibrocell, David Pernock, said the reduction in workforce and expenses will slow the cash burn for the rest of the year from its current monthly average of $2.2 million to $1.6 million. However, resources supporting the company’s gene therapy programs remain unaffected.
“We believe our innovative gene therapy programs have the potential to be transformative for patients suffering from debilitating genetic diseases that have few treatment options,” he noted.
He also pointed out that the company is uniquely positioned to leverage its adaptable autologous fibroblast technology with the genetic engineering expertise provided by its collaborative partner Intrexon, to become a leader in developing cell-based gene therapies.
Fibrocell shifted focus and started recruiting patients for early-stage clinical trials of FCX-007, its new drug candidate, earlier this month. The company is developing FCX-007 as a potential treatment for recessive dystrophic epidermolysis bullosa, an often fatal and incurable skin blistering condition that is caused by a lack of collagen protein in the skin.
Read more about the layoffs at Philadelphia Business Journal here, and check out previous VISTA Today coverage of Fibrocell here.
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