Report: VLST cuts staff |
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Report: VLST cuts staff
VLST -- a heavily-funded Seattle biotech -- has cut its workforce, according to Xconomy. The exact number of layoffs were not known, though reporter Luke Timmerman heard it was around 30 percent.
The 5-year-old company -- which was originally incubated at the Accelerator Corp. in Seattle -- has raised plenty of capital over the years from backers that include Amgen Ventures, Arch Venture Partners, OVP Venture Partners, MPM Capital, Texas Pacific Group and others. In June 2006, it closed a $55 million series B round.
Then, last December, VLST landed a strategic partnership with Novo Nordisk to develop new products in the fields of of autoimmune and inflammatory disorders. As part of that deal, VLST scored $12 million in an upfront payment as well as the possibility of future milestone payments.
VLST is led by Martin Simonetti, who previously worked as chief financial officer at Dendreon. Before that, he worked at Amgen.
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John Cook is co-founder and executive editor of TechFlash. He has been covering the technology beat for nearly a decade, writing about startups, entrepreneurs and venture capital, most recently serving as a reporter/blogger at the Seattle Post-Intelligencer.
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