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Article: CYTOTHERAPEUTICS CUTS BACK OPERATIONS, CHANGES FOCUS.
- Article from:
- BIOWORLD Today
- Article date:
- July 12, 1999
- Author:
CopyrightCOPYRIGHT 1999 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CytoTherapeutics Inc. cut its staff by 60 and, in a reorganizational effort, will focus now on its proprietary stem cell technology platform through its wholly owned subsidiary, StemCells Inc.
In addition, the Lincoln, R.I., company expects to reduce substantially its research and manufacturing facility in Lincoln. The company had 75 employees at its headquarters and another 15 at StemCells, which is located in Sunnyvale, Calif. No cuts were made in California.
"It's obviously very disappointing when you have to cut back, but our lead program failed," said Richard Rose, president and chief executive officer. "So we are now shifting our focus into stem ...