TC BioPharm, a clinical stage biotechnology company developing platform allogeneic gamma-delta T cell therapies for cancer, announced a corporate restructuring plan to reduce costs and prioritize its pending lead U.S. 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. 

These restructuring actions are expected to result in cost savings of $3 million on an annual basis. This an initial step to reduce its cost structure and to streamline operations to focus on combination trials with TCB-008 as well as the company’s U.S. 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.
 
Bryan Kobel, Chief Executive Officer of TC BioPharm, said, “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.”