Bluebird To Cut Workforce By About 30%

bluebird bio, Inc. (BLUE), a biotech firm, said on Tuesday that it decided to trim its workforce by about 30% as part of the restructuring that the company expects to deliver savings of up to $160 million.

In December last year the company had said FDA placed its clinical program for
lovotibeglogene autotemcel gene therapy for sickle cell disease on partial clinical hold.

The company now said it plans a potential submission of a biologics license application (BLA) for lovotibeglogene autotemcel (lovo-cel) gene therapy for sickle cell disease in the first quarter of 2023.

The initiative is anticipated to cash burn in 2022 to less than $340 million, with a 35 to 40 percent reduction in operating costs anticipated by the year-end 2022, which is also expected to be reflected in the company's operating budget for 2023.

bluebird said the restructuring is expected to extend its cash runway into the first half of 2023.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Salt Lake City, Utah-based Creminelli Fine Meats is recalling around 4,207 pounds of ready-to-eat or RTE parmesan salami sticks citing misbranding and an undeclared allergen, the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS announced. The recall involves 2.6-oz. plastic pouches containing "CREMINELLI FINE MEATS salami minis UNCURED ITALIAN SALAMI PARMESAN" with "BES The U.S. Food and Drug Administration is proposing a rule that will broaden the range of nonprescription or over-the counter drugs available to consumers. The rule titled, "Nonprescription Drug Product with an Additional Condition for Nonprescription Use," is intended to increase options for the development of safe and effective nonprescription drugs. The U.S. Food and Drug Administration announced that Australian organic infant formula and baby food producer, Bellamy's Organic, has agreed to send around 696,000 cans of general formula milk to the United States to meet the supply shortage. Under the FDA's enforcement discretion to source more infant formula to the U.S., the available Bellamy's Organic products include about 1.4 million pounds.
Follow RTT