San Diego, California-based Kinnate Biopharma, a biotechnology company focused on targeted cancer therapies, has announced a major restructuring that will see a 70% reduction in its workforce.
Approximately 40 employees were impacted.
Nima Farzan, chief executive officer of Kinnate Biopharma, commented, “Today, we are taking hard but necessary steps to streamline our programs, team, and operations in order to advance our research and deliver meaningful benefits to patients and shareholders alike. These decisions reflect the current financing environment, oncology regulatory landscape, and development timelines. We believe that reprioritizing our programs is the most effective approach to unlock the full promise of our innovative therapies.”
"Kinnate will implement a corporate restructuring by reducing the Company’s workforce by approximately 70%. The Company expects to have 28 remaining full-time employees. The Company is also taking related measures to reduce operating expenses. This includes separating from all employees of its wholly-owned subsidiary in China, Kinnjiu Biopharma."
"The reprioritization plan unfortunately impacts our workforce. It is undoubtedly difficult to part with our valued and highly talented employees who have made substantial contributions to our company. I want to thank each one of them for their dedication to Kinnate and our mission.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?