GPC Biotech slashes 44 pct of workforce to survive
Thu Nov 15, 2007 5:01am EST
FRANKFURT, Nov 15 (Reuters) - GPC Biotech is cutting 44 percent of its workforce, or 103 staff, the German biotech company said on Thursday, after its key prostate cancer drug hope satraplatin failed in a clinical trial.
The move affects 60 employees in Munich and 43 U.S. staff in Princeton, New Jersey, the company said, adding the remaining workforce will be 56 in Munich and 58 in Princeton after the completion of the shutdown of its Waltham, Massachusetts facility in a few weeks. The downsizing was widely expected after the satraplatin failure. GPC shares were up 1.9 percent at 3.17 euros at 0957 GMT.
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