Connect Biopharma, a San Diego–based clinical-stage biopharma company, has laid off about 15% of its China workforce and will have additional cuts, the business announced Sept. 5. The roughly 15% workforce reduction took place over a 12-month period and was complete June 30. Additional layoffs in China are expected by year’s end.
In the announcement, Connect stated the cuts are part of a transition to a U.S.-centric company. It also noted it’s moved the manufacturing process for its lead product candidate, rademikibart, to a U.S.-based contract manufacturer, which will allow it to significantly reduce manufacturing expenses for the rest of 2024 and 2025.
Earlier this year, Connect received favorable feedback from the FDA regarding potential Phase III registrational programs for rademikibart in asthma and atopic dermatitis, according to the announcement. The company noted it’s considering whether to advance rademikibart into a Phase III program or explore other development opportunities for it that could be completed without additional financing.
https://www.biospace.com/business/connect-biopharma-reports-first-half-2024-financial-results-and-provides-business-update