Wednesday, February 13, 2008 --
ZymoGenetics has cut 80 positions as it scales back early stage research programs. The Seattle biotechnology company also released financial results, posting a net loss of $38.6 million for the fourth quarter and a net loss of $148.1 million for 2007.
In a conference call, Chief Executive Bruce Carter said the decision to cut staffing was "very hard" but the right business move for the company. It now employees 535 people. Those who lost their jobs were provided with severance packages that exceeded the industry norm, said company spokeswoman Susan Specht.
ZymoGenetics, with revenue of $38.5 million last year, finished 2007 with $170.9 million in cash. It received approval for the drug Recothrom last month, the first product it has brought to market by itself since the company was founded in 1981.
The layoff follows a 50-person reduction in staff at Bothell's Nastech Pharmaceuticals earlier this week.