PTC Therapeutics on Thursday said it cut approximately 25% of its workforce.
The South Plainfield-based biopharmaceutical company said the workforce reduction would primarily include employees working on early-stage research programs and those at its gene therapy manufacturing facility located in Hopewell.
Implementation of these cost-saving measures is expected to result in an approximate 20% reduction in annualized operating expenses compared to 2023 guidance.
The company also confirmed its plans to submit the reexamination request for the Committee for Medicinal Products for Human Use of the European Medicines Agency opinion on Translarna for the treatment of nonsense mutation Duchenne muscular dystrophy.
In mid-September, PTC Therapeutics said the CHMP gave a negative opinion of Translarna.
“We remain confident that we have the data to address the concerns raised by CHMP in its negative opinion,” said Matthew Klein, CEO, PTC Therapeutics.