Sweden's BioInvent International has unveiled further job cuts as part of its decision to specialise on oncology.
In the summer, the number of full-time employees was reduced by 21 at the Lund-based firm to 68 staff following the failure of TB-402, a long-acting anticoagulant partnered with ThromboGenics, in a Phase IIb trial. Now another 20 jobs are to be lost, leaving BioInvent with a staff of 48, 39 of whom will work in R&D.
Cashwise, this means that BioInvent's expenses next year will be reduced to around 75 million Swedish kroner (about $11.4 million). Chief executive Svein Mathisen said "we are moving from being active in a number of medical areas to focusing primarily on cancer", with drugs such as BI_505, currently in Phase I for the treatment of multiple myeloma, and on two new drug candidates for which preclinical development is expected to start during summer next year.
He added that "we intend to partner our programmes at an early stage [and] we see good opportunities to increase revenues from our external programmes, thereby achieving a significant increase in the self-financing of our operations". Mr Mathisen concluded by saying that "we regret the fact that the changes in our organisation will impact our employees. However, we are convinced that focusing the business will strengthen the company and our long-term development".