** Shares of drug developer Gritstone bio fall 16.3% to 5 cents premarket

** Late on Wednesday, co said it will reduce its workforce by 19% or 25 employees in connection with its Chapter 11 bankruptcy

** GRTS expects to record a one-time charge of about $300,000 related to the reduction in its workforce, which will be incurred in Q4

** Co filed for bankruptcy on Oct. 10

** "Trading of the company's common stock will be suspended at the opening of business on October 22" - GRTS

** Up to last close, stock down 97.1% YTD

(Reporting by Puyaan Singh)

((Puyaan.Singh@thomsonreuters.com;))