ZymoGenetics to cut third of staff |
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ZymoGenetics to cut third of staff
ZymoGenetics today announced plans to cut 32 percent of its workforce, yet another blow for Seattle's struggling biotechnology industry. As part of the restructuring, the company is cutting 161 jobs. It is also discontinuing research efforts in oncology.
“We’re taking steps to reduce our costs, align our spending with our highest corporate priorities and conserve our financial resources,” said Douglas Williams, chief executive officer of ZymoGenetics in a statement. “While it is very difficult taking these actions, they are necessary given challenging market conditions and the changing focus of our business plan. Going forward, we believe that ZymoGenetics will be a stronger, more sustainable company with substantially reduced dependence on the capital markets for funding."
The money-losing biotech company -- which will record a charge of $8.5 million as part of the restructuring -- said that the cuts will occur in research, manufacturing and other development-related functions. The layoffs will reduce operating expenses by as much about $30 million.
ZymoGenetics reported a net loss of $116 million last year. It finished last year with $90 million in cash, though a partnership with Bristol-Myers Squibb was to bolster its cash position.
The Zymo layoffs are the latest bit of bad news in the biotech community. Last fall, Merck announced plans to shut down its Rosetta research facility, which like Zymo operates in Seattle's South Lake Union neighborhood.
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