Thursday, April 15, 2010

Cell Therapeutics Chops 36

Seattle-based Cell Therapeutics is reporting today that it has cut 36 employees, as part of an effort to save the firm around $16M in expenses this year. The firm said the "immediate reduction in force" drops its annual operating expenses by 21 percent from its previously projected estimates. Cell Therapeutics is developing biopharmaceuticals targeted at helping to treat cancer. The move comes shortly after the FDA rejected the firm's application for a drug to treat non-Hodgkin's lymphoma.