Arsenal Biosciences, a biotech startup based in South San Francisco, is laying off about half of its workers just a year after scoring a $325 million funding round.
The cell therapy company is laying off 100 employees who either reported to its Oyster Point headquarters or worked remotely, according to a WARN filing on Tuesday. Arsenal’s cuts are meant to extend the company’s cash runway as it transitions from early-stage cancer research to clinical trials, spokesperson Amanda Breeding told SFGATE in a statement.
“To do this, we have had to make the difficult decision to reduce our workforce by about 50%,” the statement continued. “This reorganization will enable us to execute on our clinical programs and advance them through critical milestones.”…