- The company is expected to reduce core operational burn by 55%
when compared to 2024
EDINBURGH, Scotland, March 18,
2025 /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 and other indications, today announced
initiatives to outsource several functions, moving to a more
decentralized model, resulting in reduction in its
workforce and creating a leaner and more agile organization as part
of the company's strategic developmental plan.
The initiatives focus on moving to a CDMO model for production
to accommodate larger production demand for future clinical trials,
allowing TCB to review alternatives for new manufacturing
facilities incorporating newly developed automated and other cell
therapy production technologies. Additionally, the company is
reviewing alternative approaches for testing and clinical needs,
which align with a decentralized drug development
model. This approach is expected to result in a workforce
reduction of approximately 20 employees, focused largely within the
company's production and quality divisions and represents
approximately half of the company's total headcount. Separations
will be substantially complete by the end of the second quarter
2025 and are expected to reduce the core operational burn rate by
approximately 55% compared to 2024. As a result of these
steps, when compared to 2024, the Company estimates partial year
2025 savings to be approximately $2.1 million and
annualized savings to be roughly $4.2 million.
"This decision to reduce staff is attributable to the company's
strategic shift in focus towards an outsourced production model and
something that we believe will ultimately better position TC
BioPharm for future clinical trial plans as well as advancements in
new cell therapy manufacturing technologies," said Bryan Kobel, CEO of TC BioPharm. "We are at a
pivotal moment in our development as we expand into new indication
verticals, prepare for ACHIEVE data review which will drive our
next clinical pathway, and reduce the need for costly in-house
expenses to provide a stronger foundation for future growth. I
arrived at this decision knowing it will be difficult to say
goodbye to colleagues who have been a significant part of TC
BioPharm's culture and accomplishments. I'm grateful to all those
who have shared in our history and to those who will continue to
usher in the next phase of TCBP."
About TC BioPharm (Holdings) PLC
TC BioPharm is a clinical-stage biopharmaceutical company
focused on discovering, developing, and commercializing gamma-delta
T-cell therapies for cancer treatment 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 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 in the treatment of acute
myeloid leukemia using the Company's proprietary allogeneic CryoTC
technology to provide frozen product to clinics worldwide.
Forward-Looking Statements for TC BioPharm
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this Current Report on Form 8-K
that do not relate to matters of historical fact should be
considered forward-looking statements, including without limitation
statements regarding the Company's intent or ability to affect any
budget savings or execute on any M&A or capital raising
strategy. These statements are based on management's current
assumptions and are neither promises nor guarantees, but involve
known and unknown risks, uncertainties and other important factors
that may cause the Company's actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. For other important factors that could
cause actual results to differ materially from the forward-looking
statements in this Current Report on Form 8-K, please see the risks
and uncertainties identified under the heading "Risk Factors" in
our Annual Report on Form 10-K for the year ended December 31, 2023, and our other reports filed
with the SEC, all of which is available on the Company's Investor
Relations website at www.tcbiopharm.com and on the SEC website at
www.sec.gov. All forward-looking statements reflect the Company's
beliefs and assumptions only as of the date of this Current Report
on Form 8-K. The Company undertakes no obligation to update
forward-looking statements to reflect future events or
circumstances.
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SOURCE TC BioPharm