VANCOUVER — The Vancouver-based company that helped develop the first antibody therapy treatment for COVID-19 has announced layoffs amounting to 10 per cent of its workforce.
AbCellera Biologics Inc., announced the cuts in a filing to the United States Securities and Exchange Commission.
The filing says the layoffs and reorganization will help it "focus its efforts toward the clinical development of new antibody medicines for patients."
In May, AbCellera announced a $701-million infrastructure project to boost the overall scope of its Vancouver manufacturing plant.
The company said the plan, backed by more than $375 million in federal and British Columbia funding, also included clinical trials.
AbCellera's statement to the SEC says it estimates it will incur approximately US$2.5 million in cash expense related to the layoffs but, with more than US$1 billion in available liquidity, it says it has sufficient capital to "execute on its strategy" beyond the next three years.
This report by The Canadian Press was first published Nov. 29, 2023.
The Canadian Press