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EDINBURGH - TC BioPharm (Holdings) PLC (NASDAQ: TCBP), a clinical-stage biotechnology firm with a current market capitalization of just $0.72 million, announced today a strategic shift towards a decentralized model, which includes outsourcing several functions and reducing its workforce. According to InvestingPro data, the company has been quickly burning through cash, with negative EBITDA of $14.32 million in the last twelve months. The company, known for developing allogeneic gamma-delta T cell therapies for cancer, is transitioning to a Contract Development and Manufacturing Organization (CDMO) model to meet increasing production demands for upcoming clinical trials.
This move is expected to lead to a workforce reduction of about 20 employees, mainly in production and quality divisions, accounting for roughly 50% of the total headcount. The layoffs are set to be substantially complete by the end of the second quarter of 2025 and are projected to lower the core operational burn rate by approximately 55% compared to 2024. This restructuring comes at a critical time, as InvestingPro analysis shows the company’s financial health score is currently rated as WEAK, with concerns about debt servicing capability. The company estimates partial year savings for 2025 to be around $2.1 million and annualized savings to be approximately $4.2 million.
Bryan Kobel, CEO of TC BioPharm, expressed that the decision to reduce staff stems from the company’s strategic shift towards outsourced production, which is expected to better position the company for future clinical trials and the adoption of new cell therapy manufacturing technologies. Kobel acknowledged the difficulty of parting with team members who have contributed to the company’s culture and successes.
TC BioPharm is recognized for its leadership in gamma-delta T cell therapies and is the first to conduct phase II/pivotal clinical studies in oncology with its proprietary allogeneic CryoTC technology. The company is currently running two investigator-initiated clinical trials, including a Phase 2b/3 pivotal trial for treating acute myeloid leukemia.
The company’s press release also contains forward-looking statements, cautioning that actual results may differ materially from those projected due to various risks and uncertainties. These statements are based on management’s current assumptions and are not guarantees of future performance.
Investors and interested parties should note that the information in this article is based on a press release statement from TC BioPharm. The company’s stock has experienced significant volatility, with a 99% decline over the past year. For comprehensive analysis and additional insights, including 11 more ProTips and detailed financial metrics, consider subscribing to InvestingPro.
In other recent news, TC BioPharm has reported significant progress in its ACHIEVE Phase 2B clinical trial for the treatment of Acute Myeloid Leukemia (AML). The trial, which is assessing the safety and efficacy of their investigational therapy TCB008, has seen the first patient in Cohort B successfully complete the full dosing regimen. Early safety data suggest that TCB008 is well-tolerated, with no drug-related adverse events reported. Additionally, TC BioPharm is advancing its acquisition strategy, focusing on expanding its platform into Natural Killer (NK) cell technologies and chimeric antigen receptor (CAR)-related technologies. The company has announced non-binding letters of intent with potential acquisition targets, aiming to enhance its treatment platform for autoimmune diseases and solid tumors. CEO Bryan Kobel expressed optimism about these acquisition discussions, which align with TC BioPharm’s existing offerings. The company is pursuing near-term opportunities in the allogeneic NK cell and CAR-NK spaces. These developments underscore TC BioPharm’s commitment to establishing itself as a leader in innovative oncology treatments.
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