Seattle biotechnology company ZymoGenetics is eliminating 80 jobs, most in research and development.
ZymoGenetics said Wednesday it has cut 80 jobs through attrition, layoffs and elimination of unfilled positions.
Most of the cuts were in research and development, the firm said in a statement announcing its fourth-quarter results. The company said its annual expenses will be reduced by about $14 million, but it will incur $2.5 million in severance and related costs.
Before the reduction, ZymoGenetics employed some 575 people, according to the company’s website.
“These changes were obviously very hard,” said Chief Executive Bruce Carter in a conference call with analysts.
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ZymoGenetics, Seattle’s oldest independent biotech company, recently launched its first commercial product, Recothrom.
“We have made some difficult choices to reposition our workforce after extensive review of our business plan for the next five years,” Carter said in the company’s statement. “Reducing our overall spend and focusing on a smaller number of proprietary programs fits with our desire to create greater value for shareholders while maintaining capacity to fill our pipeline.”