(Reuters) – Drugmaker PTC Therapeutics said on Thursday it plans to cut workforce, which would impact about 25% of the organization, as it aims to reduce its yearly operating expenses.
The workforce reduction would primarily include employees working on early-stage research programs and those at its gene therapy manufacturing facility located in Hopewell, New Jersey.
The company plans to complete the process by Jan. 15 of next year, it said in a regulatory filing.
PTC also confirmed its plans to submit the re-examination request to the EU regulator’s Committee for Medicinal Products for Human Use (CHMP) for its muscular disorder drug, Translarna.
The committee, earlier this month, did not recommend renewal of the drug’s conditional authorization, which was last renewed in 2017 in Europe.
Branded as Translarna, the drug ataluren is used in the treatment of a rare muscle-wasting disease, duchenne muscular dystrophy, with a type of genetic mutation.
(Reporting by Sriparna Roy in Bengaluru; Editing by Shilpi Majumdar)
