Health/Life Sciences

New CEO at Zymeworks shifts management, plans to put off 25% of employees

Zymeworks CEO Kenneth Galbraith. (Zymeworks Photograph)

Kenneth Galbraith is shaking up Zymeworks inside every week of turning into CEO of the Seattle and Vancouver, B.C.-based biotech firm. He introduced main management adjustments in an announcement Wednesday, and mentioned the corporate will lay off at the least 25% of its employees this yr.

The corporate will flip its focus to its part 3 trial for one in every of its anti-cancer brokers and early scientific testing of one other. As well as, the corporate is “streamlining” its R&D technique, searching for further partnership alternatives and “bettering our monetary place,” mentioned Galbraith.

Neil Klompas will function COO, Neil Josephson is chief medical officer, and the corporate is searching for a brand new R&D head, amongst different adjustments. Klompas will proceed in his earlier position as CFO; Josephson was beforehand Zymeworks’ head of scientific analysis.

Zymeworks reported $250 million in money, money equivalents and short-term investments on the finish of 2021. Inventory of the corporate, which declined via a lot of final yr, dropped greater than 9% in morning buying and selling Thursday.   

Zymeworks is growing “bispecific antibodies” that acknowledge two completely different molecular targets concurrently, in addition to different varieties of remedies. 

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