- Extends cash runway
- Realigned to reflect corporate strategic vision
EDINBURGH, Scotland, March 22, 2023 /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 a corporate restructuring plan to reduce costs and prioritize its pending lead US clinical programs.
In connection with the restructuring, the Company is reducing its workforce up to 30%, with the majority of the reduction expected to be completed during the first half 2023. The remaining team will support both current and future clinical trials and combination trials of our lead therapeutic TCB-008, as well as the allogeneic CAR modified gamma delta program. In total, these restructuring actions are expected to result in cost savings in excess of $3 million on an annual basis. This an initial step the Company is taking to reduce its cost structure and to streamline operations in line with an updated corporate strategy, reflecting a focus on combination trials with TCB-008 as well as the Company's US clinical trial strategy. TCBP will continue to implement additional cost savings programs and review non-dilutive funding options as well as strategic collaborations and partnerships.
"To address the current market realities and the macro headwinds facing biotechnology companies, we are enacting critical plans to protect TC BioPharm's long-term sustainability and ensure our growth plans are properly capitalized," said Bryan Kobel, Chief Executive Officer of TC BioPharm. "The decision to realign our resources, including human capital and cash, and restructure the organization was difficult but will help us focus on the critical programs that are expected to improve the lives of patients and establish long-term value for shareholders."
Kobel continued, "Our restructuring is focused on aligning the business to capitalize on a multitude of opportunities, including combination therapies driven by interest from existing collaborations and partnerships, our CAR modified program with ovarian cancer as our planned indication, as well as strategic and investor feedback. We view our lead asset, TCB-008 as an ideal candidate for numerous areas of the treatment paradigm with patients, leading to a substantial market opportunity across cancer indications and a recurring revenue model. In order for our team to capitalize fully on these potential strategic partnerships, we have taken the necessary steps to reorganize our divisions to reflect both expertise as well as capital needs. We are extremely grateful for their contributions and dedication that have enabled us to advance TCBP and helped laid the foundation for the opportunities we are now looking to capitalize on near term."
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 allogenic 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.
Forward Looking Statements
This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect our current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference to the website of TC BioPharm has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.
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SOURCE TC BioPharm