Thursday, April 30, 2009

ZymoGenetics Whacks 161 Employees

Seattle-based ZymoGenetics, which is developing protein-based drugs, said Wednesday that it has cut 161 employees, or 32 percent of its staff. The firm said the move will save it approximately $30M in annual operating expenses. The firm said the cuts were made because of the "challenging market conditions" and the changing focus of its business plan. As part of the cuts, the firm said it will discontinue its ongoing research activities in oncology, and instead focus on its research efforts in immunology and its current approved RECOTHROM Thrombin product.