GlobeImmune To Cut Workforce

(RTTNews) - Cancer drugs developer GlobeImmune, Inc. (GBIM) said it is evaluating strategic options for the company. The Board has authorized eliminating the majority of positions in its workforce.

These steps are not expected to have an impact on ongoing clinical trials being conducted by its collaborators in oncology and hepatitis B, the company said.

"Following our recent data announcement in our hepatitis B program, this workforce reduction is a necessary action to conserve working capital and provide maximum flexibility in determining the future direction of GlobeImmune," said Timothy C. Rodell, M.D., President and CEO of GlobeImmune, Inc. "We appreciate the contributions and efforts of all of the employees affected by this action and thank them for their dedicated service."

GlobeImmune said it does not have a defined timeline for the strategic review process and is not confirming that the review will result in any specific action or transaction.