- Cost saving moves are being made to extend runway and
prioritize primary goal of clinical success
- The company is launching the initiative with the target of a
reduction in cash-burn at the Company by approximately 50% to
become fully effective in Q1 2024
EDINBURGH, Scotland,
Jan. 3, 2024 /PRNewswire/ -- TC
BioPharm (Holdings) PLC ("TC BioPharm" or the "Company") (NASDAQ:
TCBP) a clinical stage biotechnology company developing
platform allogeneic gamma-delta T cell therapies for cancer, today
announced that the Company is undertaking a series of initiatives
to reduce costs and drive efficiency in order to reduce cash burn
and expand its financial runway.
TC BioPharm's Overhead Reduction Plan includes:
- Scaled down Research and Development to strictly process
development for commercial applications and manufacturing
- Implementing a focused manufacturing platform targeting
only product needed to complete ACHIEVE trial in 2024
- Further streamlining the organization to drive process-related
efficiencies.
- Reduction of headcount by approximately 50%
As a result of these challenging but necessary changes to the
organizational structure, dedicated team members will be impacted
as the Company operates with a reduced headcount moving
forward.
"Management is implementing these initiatives in order to
significantly reduce our cash-burn as we prioritize our immediate
objective of advancing our lead therapeutic to the nearest data
inflection point, specifically the ACHIEVE trial interim review,"
said, Bryan Kobel, CEO of TC
BioPharm. "Our immediate goal is pursuing the most cost
effective and time efficient milestones, which under review will be
the ACHIEVE trial currently underway in the UK. These cost
reduction initiatives are expected provide us with the necessary
time to realize the value the team have created and hopefully for
the biotech headwinds to subside. I regret having to launch such a
stringent undertaking, but it would be fiscally irresponsible to
continue without these measures. This is not a reflection of any of
the employees, their hard work or their competency, we have a
stellar group of individuals who have continually hit their
milestones, unfortunately the public markets continue to be
difficult to navigate and as a consequence, these steps are being
taken immediately to preserve cash."
About TC BioPharm (Holdings) PLC
TC BioPharm is a clinical-stage biopharmaceutical company
focused on the discovery, development and commercialization of
gamma-delta T cell therapies for the treatment of cancer with human
efficacy data in acute myeloid leukemia. Gamma-delta T cells are
naturally occurring immune cells that embody properties of both the
innate and adaptive immune systems and can intrinsically
differentiate between healthy and diseased tissue. TC BioPharm uses
an allogeneic approach in both unmodified and CAR modified
gamma-delta T cells to effectively identify, target and eradicate
both liquid and solid tumors in cancer.
TC BioPharm is the leader in developing gamma-delta T cell
therapies, and the first company to conduct phase II/pivotal
clinical studies in oncology. The Company is conducting two
investigator-initiated clinical trials for its unmodified
gamma-delta T cell product line - Phase 2b/3 pivotal trial for OmnImmune® in
treatment of acute myeloid leukemia using the Company's proprietary
allogeneic CryoTC technology to provide frozen product to clinics
worldwide. TC BioPharm also maintains a robust pipeline for future
indications in solid tumors as well as a significant IP/patent
portfolio in the use of CARs with gamma-delta T cells and owns our
manufacturing facility to maintain cost and product quality
controls.
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SOURCE TC BioPharm