PTC Therapeutics announces reduction in workforce

PTC Therapeutics “announced further strategic prioritization and associated workforce reduction. The portfolio prioritization continues the process initiated in May 2023 as the company continues to focus its resources on its differentiated, high potential R&D programs and on support of the robust global commercial infrastructure. The company also confirmed today its plans to submit the re-examination request for the CHMP opinion on Translarna. The workforce reduction impacted approximately 25% of the organization, and primarily included employees working on early-stage research programs, employees at the gene therapy manufacturing facility located in Hopewell, NJ and associated SG&A functions. Implementation of these cost saving measures is expected to result in an approximate 20% reduction in annualized operating expenses compared to 2023 OPEX guidance.”