TC BioPharm (TCBP) said Tuesday that it is planning to outsource various functions and switch to a "more decentralized" model, resulting in a workforce reduction of 20 employees.
The clinical-stage company said it plans to implement a contract development and manufacturing organization model for production and will consider options for new production sites using newly developed automated and other cell therapy production technologies, TC Biopharm said.
The company said it expects to complete the workforce reduction by the end of Q2 and to reduce the core operational burn rate by 55%, resulting in $2.1 million in partial 2025 savings and $4.2 million in annualized savings.
Shares of the company were up more than 3% in recent Tuesday premarket activity.
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