Halozyme Therapeutics Inc., a biopharmaceutical company in San Diego, California said on Monday it would reduce its new research and development work to concentrate on existing drug products and commitments to pharmaceutical manufacturers. This consolidation will result in the company cutting its workforce by 25 percent.
The company’s announcement noted Halozyme Therapeutics will focus its R&D on three existing projects: Ultrafast insulin, PEGPH20 enzyme to treat cancerous tumors, and HTI-501 enzyme to break down collagen fibrils. Ultrafast and PEGPH20 are in clinical trials, while HTI-501 is in preclinical research. The company will also continue supporting its alliances with drug makers Roche and Baxter.
The reduced R&D will mean cutting its workforce by about 25 percent. The San Diego Union Tribune reported yesterday the company will lay off some 30 of its staff, leaving it with 105 employees.
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