Wednesday, May 4, 2011

Seeking to slow cash burn, StemCells lays off 20 people

StemCells Inc. will cut 30 percent of its workforce — about 20 full-time people — as it tries to advance its neural stem cell treatment through trials in spinal cord injury and a number of other diseases.
The company (NASDAQ: STEM) said the job cuts should save about $2.3 million annually. That is on top of reduced costs for cell manufacturing, saving about $1.1 million annually, and its move this summer from Palo Alto to smaller, cheaper space in Newark that will save about $1 million annually, President and CEO Martin McGlynn said in a conference call with analysts Wednesday afternoon.

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